Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 671.0 to 649.5 on a seasonally adjusted basis during the week ended March 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 3.2% on the week but were up 5.3% from the level recorded a year earlier. The Purchase Index fell from 411.1 to 402.9 on a seasonally adjusted basis, while the Refinance Index fell from 2197.7 to 2098.3. Refinancings represented 44.5% of total applications, down from 45.1% the previous week, while adjustable-rate mortgages accounted for 19.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.04% to 6.13%, and points (including the origination fee) fell from 1.33 to 1.25 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.