Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 771.6 to 760.6 on a seasonally adjusted basis during the holiday-shortened week ended Sept. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 12.3% on the week, but were up 26.4% from the level recorded a year earlier. The Purchase Index rose from 499.1 to 513.4 on a seasonally adjusted basis, while the Refinance Index declined from 2357.1 to 2198.7. The four-week moving average for the Purchase Index rose 0.7%, from 489.4 to 492.9, and the comparable average for the Refinance Index fell 0.9%, from 2284.6 to 2286.1. Refinancings represented 42.9% of total applications, down from 44.8% the previous week, while adjustable-rate mortgages accounted for 28.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.64% to 5.72%, and points (including the origination fee) increased from 1.13 to 1.18 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.