Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 690.7 to 724.7 on a seasonally adjusted basis during the week ended Sept. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications climbed 4.6% on the week and were up 2.1% from the level of a year earlier. The Purchase Index rose from 456.6 to 469.1 on a seasonally adjusted basis, while the Refinance Index climbed from 2052.5 to 2211.1. Refinancings represented 45.9% of total applications, up from 44.5% the previous week, while adjustable-rate mortgages accounted for 32.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.66% to 5.64%, and points (including the origination fee) increased from 1.29 to 1.35, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.