Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 619.3 to 594.6 on a seasonally adjusted basis during the week ended Dec. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.2% on the week and were down 15.2% from the level recorded a year earlier. The Purchase Index fell from 477.9 to 453.1 on a seasonally adjusted basis, while the Refinance Index declined from 1441.8 to 1418.1. The four-week moving average for the Purchase Index fell from 480.4 to 475.6, and the comparable average for the Refinance Index fell from 1526.7 to 1485.2. Refinancings represented 41.7% of total applications, up from 40.2% the previous week, while adjustable-rate mortgages accounted for 32.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.28% to 6.22%, and points (including the origination fee) decreased from 1.24 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.