Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 432.6 425.9 on a seasonally adjusted basis during the week ended Aug. 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index was unchanged, at 315.2, on a seasonally adjusted basis, while the Refinance Index declined from 1121.8 to 1074.6. Refinancings represented 35.2% of total applications, down from 35.9% the previous week, while adjustable-rate mortgages accounted for 7.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.41% to 6.57%, and points (including the origination fee) increased from 1.13 to 1.14 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.