The Market Composite Index, an overall measure of mortgage applications, fell from 721.2 to 647.6 on a seasonally adjusted basis during the week ended Dec. 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 11.6% on the week but were up 13.9% from the level recorded a year earlier. The Purchase Index fell from 463.8 to 436.5 on a seasonally adjusted basis, while the Refinance Index fell from 2304.4 to 1968.8. Refinancings represented 50.8% of total applications, down from 52.6% the previous week, while adjustable-rate mortgages accounted for 23.6% (the lowest level since October 2003), the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.02% to 6.10%, and points (including the origination fee) fell from 1.00 to 0.93 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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