Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell to 1554.5 on a seasonally adjusted basis during the week ended June 20 from 1701.7 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 8.7% on the week and up 116.1% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index decreased from 419.1 to 411.2, and the Refinance Index fell from 9162.7 to 8204.6. Refinancings represented 75.8% of total applications, down from 77.3% the previous week, while adjustable-rate mortgages accounted for 15.6%. The average contract interest rate for 30-year fixed-rate mortgages rose from a survey-record low of 4.99% to 5.10%, and points (including the origination fee) increased from 1.58 to 1.62 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.