Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 607.1 to 656.5 on a seasonally adjusted basis during the week ended Aug. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 7.7% on the week and were up 18.0% from the level recorded a year earlier. The Purchase Index rose from 416.6 to 447.4 on a seasonally adjusted basis, while the Refinance Index climbed from 1724.1 to 1881.1. Refinancings represented 39.9% of total applications, up from 39.4% the previous week, while adjustable-rate mortgages accounted for 22.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.50% to 6.41%, and points (including the origination fee) fell from 1.66 to 1.62 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.