The Market Composite Index, an overall measure of mortgage applications, fell from 533.8 to 527.6 on a seasonally adjusted basis during the week ended July 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.4% on the week and were down 29.0% from the level recorded a year earlier. The Purchase Index fell from 389.0 to 376.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1385.2 to 1417.2. Refinancings represented 37.0% of total applications, up from 35.6% the previous week, while adjustable-rate mortgages accounted for 27.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.69% to 6.62%, and points (including the origination fee) decreased from 1.07 to 1.00 for loans with 80% loan-to-value ratios, the association reported.

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