The Market Composite Index, an overall measure of mortgage applications, fell from 654.2 to 636.7 on a seasonally and holiday-adjusted basis during the week ended Sept. 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.9% on the week but were up 0.4% from the level recorded a year earlier. The Purchase Index fell from 418.8 to 411.4 on a seasonally adjusted basis, while the Refinance Index declined from 2026.5 to 1950.4. Refinancings represented 46.0% of total applications, down from 46.4% the previous week, while adjustable-rate mortgages accounted for 13.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.38% to 6.32%, and points (including the origination fee) fell from 1.15 to 1.08 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry