Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 641.1 to 615.2 on a seasonally adjusted basis during the week ended Aug. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.3% on the week but were up 10.6% from the level recorded a year earlier. The Purchase Index fell from 441.5 to 424.0 on a seasonally adjusted basis, while the Refinance Index declined from 1806.3 to 1729.6. Refinancings represented 40.4% of total applications, up from 39.9% the previous week, while adjustable-rate mortgages accounted for 15.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.49% to 6.41%, and points (including the origination fee) remained unchanged, at 1.48, for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.