Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 674.3 to 644.5 on a seasonally adjusted basis during the week ended April 1, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 4.5% on the week and were down 35.1% from the level of a year earlier. The Purchase Index fell from 470.9 to 446.0 on a seasonally adjusted basis, while the Refinance Index declined from 1857.2 to 1798.8. Refinancings represented 38.3% of total applications, up from 37.8% the previous week, while adjustable-rate mortgages accounted for 35.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.08% to 5.91%, and points (including the origination fee) decreased from 1.34 to 1.26 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.