Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 772.2 to 721.2 on a seasonally adjusted basis during the week ended Sept. 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 7.1% on the week and were down 0.5% from the level recorded a year earlier. The Purchase Index fell from 500.3 to 483.1 on a seasonally adjusted basis, while the Refinance Index declined from 2353.7 to 2106.6. The four-week moving average for the Purchase Index rose 0.6%, from 495.9 to 499.0, and the comparable average for the Refinance Index fell 0.9%, from 2274.3 to 2254.0. Refinancings represented 43.9% of total applications, down from 45.6% the previous week, while adjustable-rate mortgages accounted for 28.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.81% to 5.85%, and points (including the origination fee) decreased from 1.21 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.