Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 632.4 to 624.6 on a seasonally adjusted basis during the week ended May 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 1.5% on the week and were down 55.6% from the level of a year earlier. The Purchase Index rose from 449.8 to 459.8 on a seasonally adjusted basis, while the Refinance Index fell from 1694.9 to 1583.6. Refinancings represented 34.3% of total applications, down from 36.2% the previous week, while adjustable-rate mortgages accounted for 33.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.26% to 6.24%, and points (including the origination fee) were unchanged at 1.35 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.