Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 569.6 to 548.6 on a seasonally adjusted basis during the week ended April 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 3.2% on the week and were down 22.4% from the level recorded a year earlier. The Purchase Index fell from 407.4 to 389.4 on a seasonally adjusted basis, while the Refinance Index declined from 1526.1 to 1489.4. Refinancings represented 36.7% of total applications, up from 36.4% the previous week, while adjustable-rate mortgages accounted for 28.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.56% to 6.53%, and points (including the origination fee) remained at 1.10 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found on the Web at http://www.mortgagebankers.org.