The Market Composite Index, an overall measure of mortgage applications, fell from 623.6 to 599.0 on a seasonally adjusted basis during the holiday-shortened week ended Nov. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 34.4% on the week and were down 1.6% from the level recorded a year earlier. The Purchase Index rose from 401.4 to 406.7 on a seasonally adjusted basis, while the Refinance Index fell from 1935.3 to 1749.6. Refinancings represented 46.9% of total applications, down from 48.6% the previous week, while adjustable-rate mortgages accounted for 24.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages was unchanged, at 6.13%, and points (including the origination fee) rose from 0.95 to 0.97 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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