Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 679.1 to 646.7 on a seasonally adjusted basis during the week ended Oct. 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.2% on the week and were down 15.2% from the level recorded a year earlier. The Purchase Index fell from 466.4 to 437.6 on a seasonally adjusted basis, while the Refinance Index declined from 1916.8 to 1862.8. The four-week moving average for the Purchase Index fell 1.9%, from 478.4 to 469.4, and the comparable average for the Refinance Index fell 3.0%, from 2031.2 to 1970.1. Refinancings represented 43.6% of total applications, up from 42.5% 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 increased from 6.06% to 6.21%, and points (including the origination fee) increased from 1.21 to 1.27 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.