Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 727.6 to 658.8 on a seasonally adjusted basis during the week ended March 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 9.2% on the week and were down 39.3% from the level of a year earlier. The Purchase Index fell from 462.8 to 446.4 on a seasonally adjusted basis, while the Refinance Index declined from 2267.5 to 1894.4. Refinancings represented 39.5% of total applications, down from 42.9% the previous week, while adjustable-rate mortgages accounted for 33.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.91% to 5.95%, and points (including the origination fee) decreased from 1.23 to 1.22 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.