Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 588.6 to 570.8 on a seasonally adjusted basis during the week ended Oct. 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 3.3% on the week and were down 11.2% from the level recorded a year earlier. The Purchase Index fell from 382.4 to 375.6 on a seasonally adjusted basis, while the Refinance Index fell from 1790.4 to 1709.2. Refinancings represented 45.0% of total applications, down from 45.6% the previous week, while adjustable-rate mortgages accounted for 25.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.36% to 6.24%, and points (including the origination fee) rose from 1.04 to 1.09 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.