Adjusted Apps Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 615.2 to 622.9 on a seasonally adjusted basis during the week ended Aug. 31, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.2% on the week but were up 10.0% from the level recorded a year earlier. The Purchase Index rose from 424.0 to 425.8 on a seasonally adjusted basis, while the Refinance Index climbed from 1729.6 to 1770.2. Refinancings represented 41.4% of total applications, up from 40.4% the previous week, while adjustable-rate mortgages accounted for 12.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages crept up from 6.41% to 6.42%, and points (including the origination fee) fell from 1.48 to 1.09 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.