The Market Composite Index, an overall measure of mortgage applications, fell from 605.7 to 587.8 on a seasonally adjusted basis during the week ended Jan. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 41.6% on the week but were down 17.4% from the level of a year earlier. The Purchase Index fell from 417.3 to 393.1 on a seasonally adjusted basis, while the Refinance Index climbed from 1701.3 to 1720.5. Refinancings represented 49.0% of total applications, up from 48.0% the previous week, while adjustable-rate mortgages accounted for 32.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.67% to 5.70%, and points (including the origination fee) fell from 1.35 to 1.32 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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