Adjusted Apps Fall

Mortgage applications fell 2.5% on a seasonally adjusted basis for the week ended Jan. 31, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 10.0% on the week and 101.7% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index climbed from 365.5 to 371.1, and the Refinance Index fell from 5858.1 to 5621.6. Refinancings represented 73.1% of total applications, down from 75.4% the previous week, while adjustable-rate mortgages accounted for 13.9%. The average contract interest rate for 30-year fixed-rate mortgages was unchanged at 5.72%, and points (including the origination fee) increased from 1.60 to 1.68 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.