The Market Composite Index, an overall measure of mortgage applications, rose from 727.3 to 758.3 on a seasonally adjusted basis during the week ended Nov. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 7.5% on the week but were up 15.0% from the level of a year earlier. The Purchase Index fell from 483.0 to 480.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2148.7 to 2375.4. Refinancings represented 48.6% of total applications, up from 45.2% the previous week, while adjustable-rate mortgages accounted for 34.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.69% to 5.70%, and points (including the origination fee) fell from 1.36 to 1.27 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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