Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 786.8 to 778.4 on a seasonally adjusted basis during the week ended June 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.4% on the week but were up 34.2% from the level recorded a year earlier. The Purchase Index fell from 479.4 to 477.4 on a seasonally adjusted basis, while the Refinance Index declined from 2575.0 to 2529.2. Refinancings represented 45.4% of total applications, down from 45.6% the previous week, while adjustable-rate mortgages accounted for 30.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.63% to 5.47%, and points (including the origination fee) increased from 1.17 to 1.21 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.