The Market Composite Index, a measure of mortgage loan application volume compiled by the Mortgage Bankers Association, fell more than 16 percent last week on a seasonally adjusted basis.

The Index fell to 408.1 from 489.3 in the week prior. On an unadjusted basis, the Index decreased 25 percent compared with the previous week and was down 44 percent compared with the same week one year earlier.

The week’s results include an adjustment for the Columbus Day holiday, the MBA said.