Adjusted Apps Rise

The Market Composite Index, an overall measure of mortgage applications, rose from to 566.3 to 584.2 on a seasonally adjusted basis during the holiday-shortened week ended Sept. 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 8.3% on the week and were down 22.8% from the level recorded a year earlier. The Purchase Index rose from 389.7 to 410.2 on a seasonally adjusted basis, while the Refinance Index rose from 1594.7 to 1597.0. Refinancings represented 40.3% of total applications, down from 41.0% the previous week, while adjustable-rate mortgages accounted for 25.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.31% to 6.32%, and points (including the origination fee) fell from 1.10 to 1.06 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.