The Market Composite Index, an overall measure of mortgage applications, fell from 855.7 to 797.8 on a seasonally adjusted basis during the week ended Feb. 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 4.5% on the week and 26.5% from the level of a year earlier. The Purchase Index declined from 444.0 to 402.2 on a seasonally adjusted basis, while the Refinance Index fell from 3250.6 to 3099.1. Refinancings represented 56.9% of total applications, down slightly from 57.0% the previous week, while adjustable-rate mortgages accounted for 26.3%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.63% to 5.60%, and points (including the origination fee) decreased from 1.42 to 1.40 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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