Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 666.5 to 643.7 on a seasonally adjusted basis during the week ended June 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 4.1% on the week but were up 13.2% from the level recorded a year earlier. The Purchase Index fell from 464.7 to 450.9 on a seasonally adjusted basis, while the Refinance Index declined from 1854.8 to 1776.8. Refinancings represented 38.0% of total applications, unchanged from the previous week, while adjustable-rate mortgages accounted for 20.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages dipped from 6.61% to 6.60%, and points (including the origination fee) rose from 1.44 to 1.58 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.