Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 571.9 to 567.6 on a seasonally adjusted basis during the week ended June 16, 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 26.8% from the level recorded a year earlier. The Purchase Index inched up from 414.6 to 414.8 on a seasonally adjusted basis, while the Refinance Index declined from 1499.4 to 1466.1. Refinancings represented 35.5% of total applications, down from 35.7% the previous week, while adjustable-rate mortgages accounted for 29.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.61% to 6.73%, and points (including the origination fee) increased from 1.13 to 1.14 for loans with 80% loan-to-value ratios, the association reported.