Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from to 595.8 to 566.5 on a seasonally adjusted basis during the week ended Sept. 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.4% on the week and were down 21.1% from the level recorded a year earlier. The Purchase Index fell from 397.9 to 375.9 on a seasonally adjusted basis, while the Refinance Index fell from 1748.7 to 1677.5. Refinancings represented 44.3% of total applications, up from 43.7% the previous week, while adjustable-rate mortgages accounted for 26.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.36% to 6.18%, and points (including the origination fee) fell from 1.11 to 1.06 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.