Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 727.9 to 710.1 on a seasonally adjusted basis during the week ended Feb. 25, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 10.8% on the week and were down 26.7% from the level of a year earlier. The Purchase Index rose from 417.8 to 440.0 on a seasonally adjusted basis, while the Refinance Index fell from 2532.0 to 2281.1. Refinancings represented 44.8% of total applications, down from 49.3% the previous week, while adjustable-rate mortgages accounted for 30.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.67% to 5.74%, and points (including the origination fee) decreased from 1.29 to 1.19 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.