Applications Slip

The Market Composite Index, an overall measure of mortgage applications, fell from 1114.9 to 1091.3 on a seasonally adjusted basis during the week ended March 26, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 2.2% on the week and were down 12.6% from the level of a year earlier. The Purchase Index declined from 448.9 to 443.8 on a seasonally adjusted basis, while the Refinance Index fell from 4988.7 to 4857.6. Refinancings represented 62.8% of total applications, down from 63.1% the previous week, while adjustable-rate mortgages accounted for 27.5%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.38% to 5.49%, and points (including the origination fee) rose from 1.24 to 1.29 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.