Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 724.8 to 658.2 on a seasonally adjusted basis during the week ended Oct. 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 9.2% on the week but were up 0.7% from the level of a year earlier. The Purchase Index fell from 459.0 to 436.3 on a seasonally adjusted basis, while the Refinance Index declined from 2270.8 to 1949.2. Refinancings represented 44.5% of total applications, down from 47.1% the previous week, while adjustable-rate mortgages accounted for 34.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.78% to 5.69%, and points (including the origination fee) decreased from 1.36 to 1.30, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.