Adjusted Apps Dip Slightly

Mortgage applications declined 0.1% on a seasonally adjusted basis for the week ended Feb. 14, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 1.2% on the week and 100.5% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index climbed from 328.8 to 334.1, and the Refinance Index fell from 5470.3 to 5438.1. Refinancings represented 72.5% of total applications, down from 73.8% the previous week, while adjustable-rate mortgages accounted for 13.2%. The average contract interest rate for 30-year fixed-rate mortgages inched up from a record low of 5.68% to 5.69%, and points (including the origination fee) decreased from 1.65 to 1.61 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.