The Market Composite Index, an overall measure of mortgage applications, rose to 652.8 on a seasonally adjusted basis during the week ended Oct. 17 from 649.6 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were off 9.7% on the week and down 42.7% from a year earlier. The Purchase Index increased from 359.0 to 386.1 on a seasonally adjusted basis, while the Refinance Index declined from 2340.1 to 2204.1. Refinancings represented 50.5% of total applications, down from 53.9% the previous week, while adjustable-rate mortgages accounted for 26.2%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.81% to 5.97%, and points (including the origination fee) decreased from 1.49 to 1.39 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.
Adjusted Apps Inch Up
October 22, 2003, 2:00 p.m. EDT 1 Min Read
