Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 686.2 to 636.4 on a seasonally adjusted basis during the week ended May 25, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 7.4% on the week but were up 17% from the level recorded a year earlier. The Purchase Index fell from 438.1 to 427.0 on a seasonally adjusted basis, while the Refinance Index fell from 2154.7 to 1874.6. Refinancings represented 39.7% of total applications, down from 42.3% the previous week, while adjustable-rate mortgages accounted for 17.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.23% to 6.32%, and points (including the origination fee) fell from 1.53 to 1.41 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.