Apps Drift Lower

The Market Composite Index, an overall measure of mortgage applications, fell from 575.6 to 574.4 on a seasonally adjusted basis during the week ended March 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 0.2% on the week but were down 20.4% from the level recorded a year earlier. The Purchase Index rose from 399.0 to 403.0 on a seasonally adjusted basis, while the Refinance Index declined from 1614.4 to 1583.6. The four-week moving average for the Purchase Index rose from 400.1 to 401.9, and the comparable average for the Refinance Index fell from 1599.0 to 1593.4. Refinancings represented 37.7% of total applications, down from 38.5% the previous week, while adjustable-rate mortgages accounted for 28.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.31% to 6.42%, and points (including the origination fee) fell from 1.22 to 1.14 for loans with 80% loan-to-value ratios, the association reported.