Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 633.9 to 599.1 on a seasonally adjusted basis during the week ended Oct. 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.3% on the week and were down 13.3% from the level recorded a year earlier. The Purchase Index fell from 404.6 to 383.3 on a seasonally adjusted basis, while the Refinance Index fell from 1970.8 to 1857.0. Refinancings represented 46.4% of total applications, down from 46.7% the previous week, while adjustable-rate mortgages accounted for 26.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.24% to 6.27%, and points (including the origination fee) fell from 1.03 to 1.08 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.