Mortgage applications decline, survey shows

The Market Composite Index, a measure of mortgage loan application volume, was 675.5, down from 680.7 one week earlier, according to a news release.

On an unadjusted basis, the index decreased 0.6 percent compared with the previous week and was up 13.8 percent compared with the same week one year earlier.

The refinance index increased slightly to 2115.5 from 2115.2 the previous week, and the seasonally adjusted purchase index decreased 1.4 percent to 432.3 from 438.3 one week earlier.

The seasonally adjusted conventional index decreased 0.5 percent to 997.6 from 1003.1 the previous week, and the seasonally adjusted government index decreased 3.2 percent to 138.6 from 143.2 the previous week.

The refinance share of mortgage activity increased to 42.1 percent of total applications from 41.8 percent the previous week.

The adjustable-rate mortgage share of activity decreased to 17.4 from 18 percent of total applications from the previous week.

The Mortgage Applications Survey covers approximately 50 percent of all U.S. retail residential mortgage originations and has been conducted weekly since 1990.