Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 656.7 to 619.3 on a seasonally adjusted basis during the week ended Dec. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 8.1% on the week and were down 11.0% from the level recorded a year earlier. The Purchase Index fell from 495.1 to 477.9 on a seasonally adjusted basis, while the Refinance Index declined from 1596.4 to 1441.8. The four-week moving average for the Purchase Index was unchanged, at 480.4, and the comparable average for the Refinance Index fell from 1591.8 to 1526.7. Refinancings represented 40.2% of total applications, down from 41.0% the previous week, while adjustable-rate mortgages accounted for 33.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.32% to 6.28%, and points (including the origination fee) decreased from 1.30 to 1.24 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.