Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 690.5 to 672.1 on a seasonally adjusted basis during the week ended March 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.5% on the week and were up 18.0% from the level recorded a year earlier. The Purchase Index fell from 414.3 to 410.6 on a seasonally adjusted basis, while the Refinance Index fell from 2312.2 to 2208.6. Refinancings represented 45.3% of total applications, down from 46.2% the previous week, while adjustable-rate mortgages accounted for 20.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.03% to 6.06%, and points (including the origination fee) fell from 1.38 to 1.30 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.