Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 635.4 to 624.1 on a seasonally adjusted basis during the holiday-shortened week ended Nov. 25, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 33.2% on the week and were down 8.0% from the level recorded a year earlier. The Purchase Index rose from 472.3 to 476.2 on a seasonally adjusted basis, while the Refinance Index declined from 1584.1 to 1484.3. The four-week moving average for the Purchase Index rose from 463.4 to 473.0, and the comparable average for the Refinance Index fell from 1737.0 to 1642.4. Refinancings represented 39.1% of total applications, down from 39.9% the previous week, while adjustable-rate mortgages accounted for 33.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.26% to 6.20%, and points (including the origination fee) increased from 1.11 to 1.17 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.