Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 801.1 to 754.3 on a seasonally adjusted basis during the week ended July 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.6% on the week but were up 20.7% from the level recorded a year earlier. The Purchase Index fell from 488.7 to 485.1 on a seasonally adjusted basis, while the Refinance Index declined from 2618.2 to 2320.3. The four-week moving average for the Purchase Index fell 0.4%, from 494.0 to 492.2, and the comparable average for the Refinance Index fell 2.3%, from 2622.5 to 2562.0. Refinancings represented 42.9% of total applications, down from 45.7% the previous week, while adjustable-rate mortgages accounted for 29.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages was unchanged, at 5.72%, and points (including the origination fee) increased from 1.14 to 1.31 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.