Adjusted Apps Rise

Mortgage applications rose 6.4% on a seasonally adjusted basis for the week ended Jan. 24, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 2.6% on the week and up 121.6% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index climbed from 355.3 to 365.5, and the Refinance Index rose from 5433.4 to 5858.1. Refinancings represented 75.4% of total applications, down from 75.7% the previous week, while adjustable-rate mortgages accounted for 13.2%. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.74% to 5.72%, and points (including the origination fee) increased from 1.57 to 1.60 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.