Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 596.8 to 562.1 on a seasonally adjusted basis during the week ended May 5, 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 27.1% from the level recorded a year earlier. The Purchase Index fell from 433.3 to 416.5 on a seasonally adjusted basis, while the Refinance Index declined from 1565.6 to 1427.4. Refinancings represented 33.8% of total applications, down from 35.2% the previous week, while adjustable-rate mortgages accounted for 28.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.57% to 6.61%, and points (including the origination fee) decreased from 1.18 to 1.14 for loans with 80% loan-to-value ratios, the association reported.