Apps Decline Further

The Market Composite Index, an overall measure of mortgage applications, fell from 643.7 to 618.6 on a seasonally adjusted basis during the week ended June 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 4.5% on the week but were up 16.3% from the level recorded a year earlier. The Purchase Index fell from 450.9 to 428.9 on a seasonally adjusted basis, while the Refinance Index declined from 1776.8 to 1731.6. Refinancings represented 38.7% of total applications, up from 38.0% the previous week, while adjustable-rate mortgages accounted for 20.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged, at 6.60%, and points (including the origination fee) fell from 1.58 to 1.54 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.