Adjusted Apps Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 758.3 to 715.0 on a seasonally adjusted basis during the week ended Nov. 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 2.5% on the week but were down 8.0% from the level of a year earlier. The Purchase Index fell from 480.3 to 463.3 on a seasonally adjusted basis, while the Refinance Index declined from 2375.4 to 2179.3. Refinancings represented 48.4% of total applications, down from 48.6% the previous week, while adjustable-rate mortgages accounted for 34.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.70% to 5.64%, and points (including the origination fee) rose from 1.27 to 1.36 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.