Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 612.8 to 579.4 on a seasonally adjusted basis during the week ended April 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.1% on the week and were down 14.7% from the level recorded a year earlier. The Purchase Index fell from 438.2 to 417.7 on a seasonally adjusted basis, while the Refinance Index declined from 1640.8 to 1532.4. The four-week moving average for the Purchase Index rose from 409.7 to 413.4, and the comparable average for the Refinance Index fell from 1589.3 to 1576.5. Refinancings represented 36.0% of total applications, down from 36.6% the previous week, while adjustable-rate mortgages accounted for 28.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.49% to 6.50%, and points (including the origination fee) rose from 1.13 to 1.20 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found on the Web at http://www.mortgagebankers.org.