Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 661.3 to 657.6 on a seasonally adjusted basis during the week ended Nov. 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 12.1% on the week and were down 13.7% from the level recorded a year earlier. The Purchase Index rose from 465.7 to 477.9 on a seasonally adjusted basis, while the Refinance Index declined from 1798.8 to 1702.4. The four-week moving average for the Purchase Index fell from 468.4 to 461.9, and the comparable average for the Refinance Index fell from 1918.5 to 1820.2. Refinancings represented 40.4% of total applications, down from 41.7% the previous week, while adjustable-rate mortgages accounted for 32.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.31% to 6.33%, and points (including the origination fee) decreased from 1.37 to 1.26 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.