Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 754.3 to 752.1 on a seasonally adjusted basis during the week ended July 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.3% on the week but were up 20.7% from the level recorded a year earlier. The Purchase Index rose from 485.1 to 494.5 on a seasonally adjusted basis, while the Refinance Index declined from 2320.3 to 2250.3. The four-week moving average for the Purchase Index fell 1.3%, from 495.9 to 489.3, and the comparable average for the Refinance Index fell 5.2%, from 2570.3 to 2435.8. Refinancings represented 41.7% of total applications, down from 42.9% the previous week, while adjustable-rate mortgages accounted for 28.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.72% to 5.83%, and points (including the origination fee) decreased from 1.31 to 1.16 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.