Adjusted Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 566.8 to 540.8 on a seasonally adjusted basis during the week ended July 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 36.4% on the week but were down 31.3% from the level recorded a year earlier. The Purchase Index fell from 425.0 to 398.5 on a seasonally adjusted basis, while the Refinance Index declined from 1400.5 to 1377.6. Refinancings represented 35.0% of total applications, up from 34.0% the previous week, while adjustable-rate mortgages accounted for 29.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.81% to 6.73%, and points (including the origination fee) increased from 1.06 to 1.13 for loans with 80% loan-to-value ratios, the association reported.