Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 611.3 to 631.3 on a seasonally adjusted basis during the week ended Jan. 26, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 5.9% on the week and were up 0.7% from the level recorded a year earlier. The Purchase Index rose from 402.7 to 408.0 on a seasonally adjusted basis, while the Refinance Index rose from 1848.8 to 1940.2. Refinancings represented 47.4% of total applications, down from 47.8% the previous week, while adjustable-rate mortgages accounted for 21.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.22% to 6.29%, and points (including the origination fee) rose from 0.97 to 1.07 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.