Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 654.1 to 632.4 on a seasonally adjusted basis during the week ended May 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 3.4% on the week and were down 59.1% from the level of a year earlier. The Purchase Index declined from 454.2 to 449.8 on a seasonally adjusted basis, while the Refinance Index fell from 1816.9 to 1694.9. Refinancings represented 36.2% of total applications, down from 37.4% the previous week, while adjustable-rate mortgages accounted for 34.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.21% to 6.26%, and points (including the origination fee) fell from 1.39 to 1.35 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.