Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 578.5 to 571.5 on a seasonally adjusted basis during the week ended Feb. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 9.6% on the week and were down 18.9% from the level recorded a year earlier. The Purchase Index fell from 408.7 to 400.8 on a seasonally adjusted basis, while the Refinance Index climbed from 1571.4 to 1573.5. The four-week moving average for the Purchase Index fell from 415.3 to 406.6, and the comparable average for the Refinance Index fell from 1676.6 to 1633.2. Refinancings represented 38.1% of total applications, down from 38.2% the previous week, while adjustable-rate mortgages accounted for 28.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.22% to 6.18%, and points (including the origination fee) fell from 1.23 to 1.19 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.