The Market Composite Index, an overall measure of mortgage applications, fell from 647.6 to 555.8 on a seasonally adjusted basis during the week ended Dec. 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 15.0% on the week but were up 16.6% from the level recorded a year earlier. The Purchase Index fell from 436.5 to 390.2 on a seasonally adjusted basis, while the Refinance Index fell from 1968.8 to 1604.6. Refinancings represented 48.8% of total applications, down from 50.8% the previous week, while adjustable-rate mortgages accounted for 23.1% (the lowest level since October 2003), the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.10% to 6.12%, and points (including the origination fee) rose from 0.93 to 0.96 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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