Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 639.8 to 606.6 on a seasonally adjusted basis during the week ended Feb. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.9% on the week and were up 4.1% from the level recorded a year earlier. The Purchase Index declined from 400.7 to 381.4 on a seasonally adjusted basis, while the Refinance Index fell from 2031.7 to 1921.1. Refinancings represented 44.9% of total applications, down from the previous week, while adjustable-rate mortgages accounted for 21.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.24% to 6.19% and points (including the origination fee) fell from 1.06 to 0.88 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.