Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 781.0 to 699.2 on a seasonally adjusted basis during the week ended May 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 10.4% on the week but were up 6.7% from their level a year earlier. The Purchase Index fell from 526.2 to 469.3 on a seasonally adjusted basis, while the Refinance Index declined from 2263.3 to 2036.7. Refinancings represented 39.3% of total applications, up from 39.2% 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 5.77% to 5.73%, and points (including the origination fee) decreased from 1.25 to 1.17 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.