Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 624.6 to 568.8 on a seasonally adjusted basis during the holiday-shortened week ended June 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 18.5% on the week and were down 68.0% from the level of a year earlier. The Purchase Index fell from 459.8 to 432.2 on a seasonally adjusted basis, while the Refinance Index fell from 1583.6 to 1363.2. Refinancings represented 32.6% of total applications, down from 34.3% the previous week, while adjustable-rate mortgages accounted for 34.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages crept up from 6.24% to 6.25%, and points (including the origination fee) rose from 1.35 to 1.41 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.