Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 1086.6 to 1063.5 on a seasonally adjusted basis during the week ended Feb. 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications decreased 0.4% on the week but were up 65.0% from the level recorded a year earlier. The Purchase Index fell from 405.3 to 403.9 on a seasonally adjusted basis, while the Refinance Index declined from 5054.0 to 4901.5. Refinancings represented 67.4% of total applications, down from 69.2% the previous week, while adjustable-rate mortgages accounted for 9.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.61% to 5.72%%, and points (including the origination fee) rose from 0.98 to 1.15 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.