The Market Composite Index, an overall measure of mortgage applications, fell from 713.5 to 694.8 on a seasonally adjusted basis during the week ended Oct. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.6% on the week but were up 5.4% from the level recorded a year earlier. The Purchase Index fell from 473.8 to 469.5 on a seasonally adjusted basis, while the Refinance Index declined from 2107.4 to 2004.9. The four-week moving average for the Purchase Index fell 2.2%, from 492.7 to 481.7, and the comparable average for the Refinance Index fell 2.2%, from 2191.6 to 2143.2. Refinancings represented 43.5% of total applications, down from 44.5% the previous week, while adjustable-rate mortgages accounted for 29.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.94% to 5.98%, and points (including the origination fee) increased from 1.21 to 1.22 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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