Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 631.1 to 630.1 on a seasonally adjusted basis during the week ended Feb. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 3.0% on the week and were up 1.4% from the level recorded a year earlier. The Purchase Index fell from 408.0 to 404.7 on a seasonally adjusted basis, while the Refinance Index rose from 1940.2 to 1943.4. Refinancings represented 46.1% of total applications, down from 47.4% the previous week, while adjustable-rate mortgages accounted for 22.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.29% to 6.23%, and points (including the origination fee) rose from 1.07 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.