Applications Slip

The Market Composite Index, an overall measure of mortgage applications, fell from 732.3 to 727.9 on a seasonally adjusted basis during the week ended Feb. 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 1.3% on the week but were down 5.5% from the level of a year earlier. The Purchase Index fell from 423.3 to 417.8 on a seasonally adjusted basis, while the Refinance Index inched up from 2530.1 to 2532.0. Refinancings represented 49.3% of total applications, down from 49.9% the previous week, while adjustable-rate mortgages accounted for 30.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.50% to 5.67%, and points (including the origination fee) increased from 1.27 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.