Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 646.6 to 630.6 on a seasonally adjusted basis during the week ended April 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.2% on the week but were up 9.9% from the level recorded a year earlier. The Purchase Index fell from 413.8 to 396.5 on a seasonally adjusted basis, while the Refinance Index fell from 2015.0 to 2008.4. Refinancings represented 43.6% of total applications, up from 42.8% the previous week, while adjustable-rate mortgages accounted for 18.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.16% to 6.22%, and points (including the origination fee) fell from 1.39 to 1.22 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.