Adjusted Apps Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 620.9 to 647.5 on a seasonally adjusted basis during the week ended Nov. 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 7.6% on the week and were down 0.1% from the level recorded a year earlier. The Purchase Index rose from 402.2 to 412.9 on a seasonally adjusted basis, while the Refinance Index rose from 1897.9 to 2022.2, its highest level since October 2005. Refinancings represented 48.0% of total applications, up from 46.3% 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 fell from 6.24% to 6.15%, and points (including the origination fee) declined from 1.08 to 0.98 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.