Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 579.4 to 569.6 on a seasonally adjusted basis during the week ended April 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.4% on the week and were down 14.9% from the level recorded a year earlier. The Purchase Index fell from 417.7 to 407.4 on a seasonally adjusted basis, while the Refinance Index declined from 1532.4 to 1526.1. Refinancings represented 36.4% of total applications, up from 36.0% the previous week, while adjustable-rate mortgages accounted for 28.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.50% to 6.56%, and points (including the origination fee) fell from 1.20 to 1.10 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found on the Web at http://www.mortgagebankers.org.