Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 522.2 to 489.6 on a seasonally adjusted basis during the week ended July 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index fell from 359.7 to 335.6 on a seasonally adjusted basis, while the Refinance Index declined from 1474.9 to 1392.7. Refinancings represented 39.4% of total applications, up from 39.2% the previous week, while adjustable-rate mortgages accounted for 8.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.22% to 6.59%, and points (including the origination fee) decreased from 1.21 to 1.05 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.