Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 631.6 to 609.0 on a seasonally adjusted basis during the week ended July 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 3.5% on the week but were up 13.1% from the level recorded a year earlier. The Purchase Index fell from 446.5 to 424.2 on a seasonally adjusted basis, while the Refinance Index declined from 1717.4 to 1692.9. Refinancings represented 38.5% of total applications, up from 37.7% the previous week, while adjustable-rate mortgages accounted for 21.0%, unchanged from the ARM share of the previous week, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.61% to 6.59%, and points (including the origination fee) fell from 1.60 to 1.55 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.