Adjusted Apps Dip Again

The Market Composite Index, an overall measure of mortgage applications, fell from 626.8 to 619.3 on a seasonally adjusted basis during the week ended Feb. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 2.2% on the week but were down 16.4% from the level recorded a year earlier. The Purchase Index fell from 435.7 to 425.1 on a seasonally adjusted basis, while the Refinance Index climbed from 1747.2 to 1751.0. The four-week moving average for the Purchase Index fell from 452.7 to 444.6, and the comparable average for the Refinance Index rose from 1666.0 to 1729.3. Refinancings represented 42.1% of total applications, down from 43.0% the previous week, while adjustable-rate mortgages accounted for 29.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.20% to 6.25%, and points (including the origination fee) rose from 1.17 to 1.23 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.