The Market Composite Index, an overall measure of mortgage applications, decreased 24.5% on a seasonally adjusted basis to 600.6 from 795.4, as there was a significant drop-off in refinancing applications during the week ended Jan. 30, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, the Index decreased 23.5% compared with the previous week and 43.9% compared with the same week one year earlier.

The Purchase Index decreased 9.8% to 235.9 from 261.4 one week earlier on a seasonally adjusted basis, while the Refinance Index decreased 30.3% to 2722.7 from 3906.3 the week prior.

Refinancings decreased to 66.7% of applications from 73.2% the previous week, while adjustable-rate mortgages accounted for 2.5% of applications, an increase from 2.1% for the previous week, the MBA said.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.19% from 5.28%, with points (including the origination fee) increasing to 1.20 from 1.12 for loans with 80% loan-to-value ratios, the association reported.

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