Applications Decline

Mortgage applications fell 5.1% on a seasonally adjusted basis for the week ended Feb. 7, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 3.7% on the week and up 84.4% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index declined from 371.1 to 328.8, and the Refinance Index fell from 5621.6 to 5470.3. Refinancings represented 73.8% of total applications, up from 73.1% the previous week, while adjustable-rate mortgages accounted for 13.2%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.72% to a new record low of 5.68%, and points (including the origination fee) decreased from 1.68 to 1.65 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.