The Market Composite Index, an overall measure of mortgage applications, fell from 660.5 to 626.8 on a seasonally adjusted basis during the week ended Jan. 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 9.1% on the week but were down 12.1% from the level recorded a year earlier. The Purchase Index fell from 473.7 to 435.7 on a seasonally adjusted basis, while the Refinance Index declined from 1773.9 to 1747.2. The four-week moving average for the Purchase Index rose from 448.3 to 452.7, and the comparable average for the Refinance Index rose from 1570.0 to 1666.0. Refinancings represented 43.0% of total applications, up from 42.8% the previous week, while adjustable-rate mortgages accounted for 30.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.04% to 6.20%, and points (including the origination fee) fell from 1.24 to 1.17 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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