Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 689.3 to 677.4 on a seasonally adjusted basis during the week ended Dec. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 31.7% on the week but were up 36.6% from the level of a year earlier. The Purchase Index rose from 471.1 to 483.8 on a seasonally adjusted basis, while the Refinance Index declined from 1958.2 to 1803.9. Refinancings represented 46.2% of total applications, down from 48.9% the previous week, while adjustable-rate mortgages accounted for 33.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.69% to 5.72%, and points (including the origination fee) fell from 1.39 to 1.33 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.