Adjusted Applications Increase

The Market Composite Index, an overall measure of mortgage applications, rose from 622.9 to 657.4 on a seasonally and holiday-adjusted basis during the week ended Sept. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 16.7% on the week but were up 0.1% from the level recorded a year earlier. The Purchase Index rose from 425.8 to 448.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1770.2 to 1876.6. Refinancings represented 42.1% of total applications, up from 41.4% the previous week, while adjustable-rate mortgages accounted for 13.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.42% to 6.25%, and points (including the origination fee) fell from 1.09 to 1.00 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.