Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 682.9 to 658.1 on a seasonally adjusted basis during the week ended Jan. 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 10.7% on the week and were down 26.2% from the level of a year earlier. The Purchase Index fell from 448.1 to 439.0 on a seasonally adjusted basis, while the Refinance Index declined from 2048.6 to 1932.8. Refinancings represented 46.5% of total applications, down from 48.9% the previous week, while adjustable-rate mortgages accounted for 31.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.64% to 5.58%, and points (including the origination fee) decreased from 1.23 to 1.22 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.