Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 667.2 to 611.3 on a seasonally adjusted basis during the week ended Jan. 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.7% on the week but were up 3.8% from the level recorded a year earlier. The Purchase Index fell from 439.7 to 402.7 on a seasonally adjusted basis, while the Refinance Index fell from 2045.8 to 1848.8. Refinancings represented 47.8% of total applications, down from 49.9% the previous week, while adjustable-rate mortgages accounted for 20.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.19% to 6.22%, and points (including the origination fee) fell from 0.98 to 0.97 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.