Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 570.8 to 620.9 on a seasonally adjusted basis during the week ended Nov. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 8.0% on the week but were down 5.0% from the level recorded a year earlier. The Purchase Index rose from 375.6 to 402.2 on a seasonally adjusted basis, while the Refinance Index rose from 1709.2 to 1897.9. Refinancings represented 46.3% of total applications, up from 45.0% the previous week, while adjustable-rate mortgages accounted for 26.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages was unchanged at 6.24%, and points (including the origination fee) slipped from 1.09 to 1.08 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.