The Market Composite Index, an overall measure of mortgage applications, fell from 653.8 to 603.8 on a seasonally adjusted basis during the week ended Dec. 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 8.2% on the week but were up 9.9% from the level recorded a year earlier. The Purchase Index fell from 422.2 to 394.5 on a seasonally adjusted basis, while the Refinance Index declined from 2093.6 to 1915.3. Refinancings represented 53.0% of total applications, down from 53.2% the previous week, while adjustable-rate mortgages accounted for 10.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.18% to 6.10%, and points (including the origination fee) fell from 1.12 to 1.05, for loans with 80% loan-to-value ratios, the association reported.
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