Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 916.1 to 868.9 on a seasonally adjusted basis during the week ended Jan. 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 12.1% on the week and 27.5% from the level of a year earlier. The Purchase Index declined from a record high of 501.6 to 451.6 on a seasonally adjusted basis, while the Refinance Index slipped from 3327.3 to 3296.7. Refinancings represented 58.5% of total applications, up from 57.7% the previous week, while adjustable-rate mortgages accounted for 26.3%. The average contract interest rate for 30-year fixed-rate mortgages crept up from 5.55% to 5.58%, and points (including the origination fee) increased from 1.32 to 1.47 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.