Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 721.2 to 713.5 on a seasonally adjusted basis during the week ended Sept. 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.2% on the week and were down 1.8% from the level recorded a year earlier. The Purchase Index fell from 483.1 to 473.8 on a seasonally adjusted basis, while the Refinance Index climbed from 2106.6 to 2107.4. The four-week moving average for the Purchase Index fell 1.3%, from 499.0 to 492.7, and the comparable average for the Refinance Index fell 2.8%, from 2254.0 to 2191.6. Refinancings represented 44.5% of total applications, up from 43.9% the previous week, while adjustable-rate mortgages accounted for 29.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.85% to 5.94%, and points (including the origination fee) increased from 1.19 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.