Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 680.7 to 675.5 on a seasonally adjusted basis during the week ended May 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.6% on the week but were up 13.8% from the level recorded a year earlier. The Purchase Index fell from 438.3 to 432.3 on a seasonally adjusted basis, while the Refinance Index inched up from 2115.2 to 2115.5. Refinancings represented 42.1% of total applications, up from 41.8% the previous week, while adjustable-rate mortgages accounted for 17.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.10% to 6.13%, and points (including the origination fee) fell from 1.48 to 1.47 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.