Applications Decline

Mortgage applications fell 2.4% on a seasonally adjusted basis for the week ended Jan. 10, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 41.0% on the week and 108.7% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index fell from 376.2 to 358.0, and the Refinance Index declined from 5871.1 to 5786.4. Refinancings represented 77.7% of total applications, down from 77.8% the previous week, while adjustable-rate mortgages accounted for 12.6%. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.85% to 5.84%, and points (including the origination fee) decreased from 1.43 to 1.42 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.