MBA: Apps Inch Down

The Market Composite Index, an overall measure of mortgage applications, slipped slightly from 672.1 to 671.0 on a seasonally adjusted basis during the week ended March 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications also slid 0.2% on the week but were up 16.6% from the level recorded a year earlier. The Purchase Index edged up from 410.6 to 411.1 on a seasonally adjusted basis, while the Refinance Index inched down to 2197.7 from 2208.6 the previous week. Refinancings represented 45.1% of total applications, down slightly from 45.3% the previous week, while adjustable-rate mortgages accounted for 20.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages slid slightly from 6.06% to 6.04%, and points (including the origination fee) edged up from 1.30 to 1.33 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.