The Market Composite Index, an overall measure of mortgage applications, dipped from 1117.1 to 1114.9 on a seasonally adjusted basis during the week ended March 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 0.3% on the week and were down 25.6% from the level of a year earlier. The Purchase Index declined from 452.4 to 448.9 on a seasonally adjusted basis, while the Refinance Index rose from 4983.7 to 4988.7. Refinancings represented 63.1% of total applications, up from 62.8% the previous week, while adjustable-rate mortgages accounted for 28.1%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.37% to 5.38%, and points (including the origination fee) fell from 1.26 to 1.24 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.
