Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 683.6 to 672.6 on a seasonally adjusted basis during the week ended April 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 1.3% on the week and were down 8.7% from their level a year earlier. The Purchase Index fell from 474.5 to 466.7 on a seasonally adjusted basis, while the Refinance Index declined from 1899.6 to 1870.0. Refinancings represented 38.0% of total applications, down from 38.1% the previous week, while adjustable-rate mortgages accounted for 35.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.95% to 5.83%, and points (including the origination fee) decreased from 1.36 to 1.28 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.