The Market Composite Index, an overall measure of mortgage applications, decreased from 678.7 to 641.1 on a seasonally adjusted basis during the week ended Aug. 17, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 6.5% on the week and were up 14.2% from the level recorded a year earlier. The Purchase Index decreased from 464.9 to 441.5 on a seasonally adjusted basis, while the Refinance Index fell from 1929.6 to 1806.3. Refinancings represented 39.9% of total applications, unchanged from the level of the previous week, while adjustable-rate mortgages accounted for 18.6% the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.45% to 6.49%, and points (including the origination fee) fell from 1.54 to 1.48 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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