Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 868.9 to 855.7 on a seasonally adjusted basis during the week ended Jan. 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 12.4% on the week and were down 25.9% from the level of a year earlier. The Purchase Index declined from 451.6 to 444.0 on a seasonally adjusted basis, while the Refinance Index slipped from 3296.7 to 3250.6. Refinancings represented 57.0% of total applications, down from 58.5% the previous week, while adjustable-rate mortgages accounted for 27.2%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.58% to 5.63%, and points (including the origination fee) decreased from 1.47 to 1.42 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.