Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 761.7 to 727.3 on a seasonally adjusted basis during the week ended Nov. 5, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 5.6% on the week but were up 16.2% from the level of a year earlier. The Purchase Index fell from 496.5 to 483.0 on a seasonally adjusted basis, while the Refinance Index declined from 2303.9 to 2148.7. Refinancings represented 45.2% of total applications, down from 45.7% the previous week, while adjustable-rate mortgages accounted for 35.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.65% to 5.69%, and points (including the origination fee) rose from 1.26 to 1.36 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.