Adjusted Apps Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 709.9 to 703.9 on a seasonally adjusted basis during the week ended Oct. 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 10.1% on the week and were up 8.1% from the level of a year earlier. The Purchase Index fell from 461.4 to 440.9 on a seasonally adjusted basis, while the Refinance Index climbed from 2155.2 to 2233.8. Refinancings represented 47.7% of total applications, up from 45.6% the previous week, while adjustable-rate mortgages accounted for 34.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.64% to 5.54%, and points (including the origination fee) rose from 1.30 to 1.35 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.