Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 696.2 to 689.0 on a seasonally adjusted basis during the week ended Dec. 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 3.0% on the week but were up 0.6% from the level of a year earlier. The Purchase Index fell from 490.9 to 488.9 on a seasonally adjusted basis, while the Refinance Index declined from 1890.6 to 1852.4. Refinancings represented 46.0% of total applications, up from 45.6% the previous week, while adjustable-rate mortgages accounted for 34.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.68% to 5.65%, and points (including the origination fee) rose from 1.27 to 1.28 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.