Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 673.2 to 654.2 on a seasonally and holiday-adjusted basis during the week ended Sept. 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 3.3% on the week but were up 15.4% from the level recorded a year earlier. The Purchase Index fell from 452.0 to 418.8 on a seasonally adjusted basis, while the Refinance Index climbed from 1962.0 to 2026.5. Refinancings represented 46.4% of total applications, up from 43.5% the previous week, while adjustable-rate mortgages accounted for 12.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.29% to 6.38%, and points (including the origination fee) rose from 1.02 to 1.15 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.