Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 619.3 to 574.1 on a seasonally adjusted basis during the week ended Feb. 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 4.4% on the week and were down 21.7% from the level recorded a year earlier. The Purchase Index fell from 425.1 to 391.7 on a seasonally adjusted basis, while the Refinance Index declined from 1751.0 to 1636.7. The four-week moving average for the Purchase Index fell from 444.6 to 431.6, and the comparable average for the Refinance Index fell from 1729.3 to 1727.2. Refinancings represented 41.2% of total applications, down from 42.1% the previous week, while adjustable-rate mortgages accounted for 29.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages remained at 6.25%, and points (including the origination fee) rose from 1.23 to 1.34 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.