The Market Composite Index, an overall measure of mortgage applications, rose from 613.3 to 660.5 on a seasonally adjusted basis during the week ended Jan. 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.2% on the week and were down 0.4% from the level recorded a year earlier. The Purchase Index rose from 443.9 to 473.7 on a seasonally adjusted basis, while the Refinance Index climbed from 1645.2 to 1773.9. The four-week moving average for the Purchase Index rose from 438.1 to 448.3, and the comparable average for the Refinance Index rose from 1441.3 to 1570.0. Refinancings represented 42.8% of total applications, down from 44.0% the previous week, while adjustable-rate mortgages accounted for 29.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.07% to 6.04%, and points (including the origination fee) rose from 1.23 to 1.24 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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