Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell to 699.6 on a seasonally adjusted basis during the week ended Sept. 19 from 726.7 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 4.2% on the week. The Purchase Index decreased from 432.4 to 402.1 on a seasonally adjusted basis, while the Refinance Index fell from 2438.5 to 2429.7. Refinancings represented 51.9% of total applications, up from 49.9% the previous week, while adjustable-rate mortgages accounted for 22.7%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.91% to 5.85%, and points (including the origination fee) decreased from 1.32 to 1.29 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.