Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 681.7 to 652.5 on a seasonally and holiday-adjusted basis during the week ended Nov. 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 25.5% on the week but were up 24.6% from the level recorded a year earlier. The Purchase Index rose from 424.1 to 450.1 on a seasonally adjusted basis, while the Refinance Index declined from 2199.9 to 1862.9. Refinancings represented 45.8% of total applications, down from 50.3% the previous week, while adjustable-rate mortgages accounted for 14.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.18% to 6.09%, and points (including the origination fee) rose from 1.01 to 1.07 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.