Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 540.8 to 533.8 on a seasonally adjusted basis during the week ended July 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.2% on the week and were down 28.2% from the level recorded a year earlier. The Purchase Index fell from 398.5 to 389.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1377.6 to 1385.2. Refinancings represented 35.6% of total applications, up from 35.0% the previous week, while adjustable-rate mortgages accounted for 28.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.73% to 6.69%, and points (including the origination fee) decreased from 1.13 to 1.07 for loans with 80% loan-to-value ratios, the association reported.