The Market Composite Index, an overall measure of mortgage applications, fell from 742.2 to 654.1 on a seasonally adjusted basis during the week ended May 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 11.6% on the week and were down 55.8% from the level of a year earlier. The Purchase Index declined from 494.3 to 454.2 on a seasonally adjusted basis, while the Refinance Index fell from 2184.6 to 1816.9. Refinancings represented 37.4% of total applications, down from 39.8% the previous week, while adjustable-rate mortgages accounted for 35.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.32% to 6.21%, and points (including the origination fee) fell from 1.44 to 1.39 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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