Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell to 1284.3 on a seasonally adjusted basis during the week ended July 18 from 1358.2 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 5.3% on the week but up 56.8% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index decreased from 447.2 to 442.4, and the Refinance Index declined from 6657.2 to 6181.2. Refinancings represented 68.7% of total applications, down from 70.1% the previous week, while adjustable-rate mortgages accounted for 16.7%. The average contract interest rate for 30-year fixed-rate mortgages jumped from 5.33% to 5.72%, and points (including the origination fee) increased from 1.47 to 1.53 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.