Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 545.9 to 600.1 on a seasonally adjusted -- and holiday-adjusted -- basis during the week ended Jan. 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 27.2% on the week but were down 19.1% from the level recorded a year earlier. The Purchase Index rose from 418.3 to 457.4 on a seasonally adjusted basis, while the Refinance Index climbed from 1363.2 to 1497.5. The four-week moving average for the Purchase Index fell from 445.6 to 440.4, and the comparable average for the Refinance Index rose from 1344.5 to 1384.5. Refinancings represented 42.2% of total applications, down from 42.7% the previous week, while adjustable-rate mortgages accounted for 28.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.15% to 6.08%, and points (including the origination fee) decreased from 1.32 to 1.23 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.