Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 425.9 to 419.3 on a seasonally adjusted basis during the week ended Aug. 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index fell from 315.2 to 314.0 on a seasonally adjusted basis, while the Refinance Index declined from 1074.6 to 1034.5. Refinancings represented 34.8% of total applications, down from 35.2% the previous week, while adjustable-rate mortgages accounted for 8.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.57% to 6.47%, and points (including the origination fee) decreased from 1.14 to 1.10 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.