Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 735.9 to 732.3 on a seasonally adjusted basis during the week ended Feb. 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 2.0% on the week but were down 12.9% from the level of a year earlier. The Purchase Index fell from 444.6 to 423.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2430.7 to 2530.1. Refinancings represented 49.9% of total applications, up from 48.9% the previous week, while adjustable-rate mortgages accounted for 30.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.48% to 5.50%, and points (including the origination fee) increased from 1.25 to 1.27 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.