Applications Dip

The Market Composite Index, an overall measure of mortgage applications, fell from 649.5 to 646.6 on a seasonally adjusted basis during the week ended April 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.1% on the week but were up 10.8% from the level recorded a year earlier. The Purchase Index rose from 402.9 to 413.8 on a seasonally adjusted basis, while the Refinance Index fell from 2098.3 to 2015.0. Refinancings represented 42.8% of total applications, down from 44.5% the previous week, while adjustable-rate mortgages accounted for 18.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.13% to 6.16%, and points (including the origination fee) rose from 1.25 to 1.39 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.