Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell slightly from 621.4 to 620.4 on a seasonally adjusted basis during the week ended July 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications declined 0.3% on the week and were down 35.6% from the level of a year earlier. The Purchase Index rose from 444.8 to 452.0 on a seasonally adjusted basis, while the Refinance Index declined from 1648.8 to 1600.3. Refinancings represented 35.8% of total applications, down from 36.8% the previous week, while adjustable-rate mortgages accounted for 33.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages was unchanged, at 5.97%, and points (including the origination fee) increased from 1.32 to 1.48, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.