Apps Decline Slightly

The Market Composite Index, an overall measure of mortgage applications, fell from 681.7 to 670.6 on a seasonally adjusted basis during the week ended Nov. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.4% on the week but were up 8.0% from the level recorded a year earlier. The Purchase Index dipped slightly, from 412.9 to 412.7, on a seasonally adjusted basis, while the Refinance Index declined from 2249.0 to 2176.1. Refinancings represented 49.1% of total applications, down from 49.6% the previous week, while adjustable-rate mortgages accounted for 14.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.15% to 6.16%, and points (including the origination fee) rose from 1.05 to 1.08 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.