Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 761.3 to 756.2 on a seasonally adjusted basis during the week ended Aug. 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.8% on the week, but were up 17.2% from the level recorded a year earlier. The Purchase Index fell from 499.3 to 488.4 on a seasonally adjusted basis, while the Refinance Index climbed from 2285.5 to 2313.9. The four-week moving average for the Purchase Index rose 0.2%, from 494.4 to 495.3, and the comparable average for the Refinance Index fell 0.1%, from 2258.2 to 2256.6. Refinancings represented 43.7% of total applications, up from 42.4% the previous week, while adjustable-rate mortgages accounted for 28.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.79% to 5.78%, and points (including the origination fee) decreased from 1.22 to 1.20 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.