The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, fell 6.8 percent to 797.8 on a seasonally adjusted basis for the week ending Feb. 6 from 855.7 one week earlier, according to a report released today by the Mortgage Bankers Association. On an unadjusted basis, the Index decreased by 4.5 percent for the week ending Feb. 6 compared with the previous week and was down 26.5 percent compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 56.9 percent of total applications for the week ending Feb. 6 compared to 57.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 26.3 percent for the week ending Feb. 6 from 27.2 percent the previous week, according to the report.