Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 574.4 to 565.0 on a seasonally adjusted basis during the week ended March 17, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.6% on the week and were down 13.8% from the level recorded a year earlier. The Purchase Index fell from 403.0 to 393.6 on a seasonally adjusted basis, while the Refinance Index declined from 1583.6 to 1574.5. The four-week moving average for the Purchase Index fell from 401.9 to 401.5, and the comparable average for the Refinance Index fell from 1593.4 to 1588.8. Refinancings represented 38.1% of total applications, up from 37.7% 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 6.42% to 6.31%, and points (including the origination fee) fell from 1.14 to 1.13 for loans with 80% loan-to-value ratios, the association reported.