Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell to 1134.6 on a seasonally adjusted basis during the week ended April 11 from 1246.1 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 8.8% on the week but up 132.4% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index fell from 400.8 to 376.1, and the Refinance Index fell from 6162.8 to 5546.7. Refinancings represented 69.4% of total applications, down from the previous week's 70.3%, while adjustable-rate mortgages accounted for 15.3%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.80% to 5.70%, and points (including the origination fee) increased from 1.38 to 1.43 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.