Applications Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 643.9 to 617.9 on a seasonally adjusted basis during the week ended July 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 19.9% on the week but were down 50.5% from the level of a year earlier. The Purchase Index fell from 468.8 to 440.3 on a seasonally adjusted basis, while the Refinance Index declined from 1662.4 to 1651.1. Refinancings represented 37.1% of total applications, up from 35.8% the previous week, while adjustable-rate mortgages accounted for 31.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages crept up from 5.95% to 5.96%, and points (including the origination fee) fell from 1.35 to 1.32 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.