Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 609.0 to 607.1 on a seasonally adjusted basis during the week ended July 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.4% on the week but were up 14.2% from the level recorded a year earlier. The Purchase Index fell from 424.2 to 416.6 on a seasonally adjusted basis, while the Refinance Index climbed from 1692.9 to 1724.1. Refinancings represented 39.4% of total applications, up from 38.5% 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 6.59% to 6.50%, and points (including the origination fee) rose from 1.55 to 1.66 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.