Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 541.9 to 534.4 on a seasonally adjusted basis during the week ended June 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 11.7% on the week and were down 28.0% from the level recorded a year earlier. The Purchase Index crept up from 395.5 to 395.6 on a seasonally adjusted basis, while the Refinance Index declined from 1409.0 to 1356.0. Refinancings represented 34.2% of total applications, down from 34.9% the previous week, while adjustable-rate mortgages accounted for 29.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.66% to 6.60%, and points (including the origination fee) increased from 1.03 to 1.19 for loans with 80% loan-to-value ratios, the association reported.