The market composite index, an overall measure of mortgage applications, declined 3.7% to 623.6 in the week ending Nov. 17 from 647.5 one week earlier on a seasonally adjusted basis.The seasonally adjusted refinancing index decreased by 4.3% from the previous week and the home purchase component of the index fell 2.8%, even as the average contract interest rate for 30-year mortgages decreased to 6.13% from 6.15% a week earlier. Still, the refinancing share of mortgage activity increased to 48.6% of applications, up from 48.0% the previous week, the Mortgage Bankers Association said. That was the highest refinancing share since February of 2005. The MBA can be found on the Web at http://www.mortgagebankers.org.
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