MBA: Apps Fall

The Market Composite Index, an overall measure of mortgage applications, fell from 707.3 to 681.7 6 on a seasonally adjusted basis during the week ended Nov. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.2% on the week and were up 9.8% from the level recorded a year earlier. The Purchase Index decreased from 432.6 to 424.1 on a seasonally adjusted basis, while the Refinance Index fell from 2315.7 to 2199.9. Refinancings represented 50.3% of total applications, up from 50.2% the previous week, while adjustable-rate mortgages accounted for 15.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.19% to 6.18%, and points (including the origination fee) decreased from 1.16 to 1.01 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.