Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 567.6 to 529.6 on a seasonally adjusted basis during the week ended June 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 7.0% on the week and were down 31.0% from the level recorded a year earlier. The Purchase Index fell from 414.8 to 389.0 on a seasonally adjusted basis, while the Refinance Index declined from 1466.1 to 1356.0. Refinancings represented 35.3% of total applications, down from 35.5% the previous week, while adjustable-rate mortgages accounted for 29.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.73% to 6.86%, and points (including the origination fee) decreased from 1.14 to 1.10 for loans with 80% loan-to-value ratios, the association reported.