Apps Decline Overall

The Market Composite Index, an overall measure of mortgage applications, fell from 1091.3 to 1012.9 on a seasonally adjusted basis during the week ended April 2, although purchase applications rose, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 6.6% on the week and were down 17.6% from the level of a year earlier. The Purchase Index climbed from 443.8 to 477.5 on a seasonally adjusted basis, while the Refinance Index fell from 4857.6 to 4126.7. Refinancings represented 57.1% of total applications, down from 62.8% the previous week, while adjustable-rate mortgages accounted for 28.8%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.49% to 5.75%, and points (including the origination fee) fell from 1.29 to 1.27 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.