Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 552.6 to 541.9 on a seasonally adjusted basis during the week ended May 26, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.6% on the week and were down 22.4% from the level recorded a year earlier. The Purchase Index fell from 396.4 to 395.5 on a seasonally adjusted basis, while the Refinance Index declined from 1480.5 to 1409.0. Refinancings represented 34.9% of total applications, down from 35.7% the previous week, while adjustable-rate mortgages accounted for 30.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.61% to 6.66%, and points (including the origination fee) decreased from 1.17 to 1.03 for loans with 80% loan-to-value ratios, the association reported.