Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 656.5 to 681.7 on a seasonally adjusted basis during the week ended Oct. 26, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 3.6% on the week and were up 19.5% from the level recorded a year earlier. The Purchase Index fell from 415.9 to 412.9 on a seasonally adjusted basis, while the Refinance Index climbed from 2059.3 to 2249.0. Refinancings represented 49.6% of total applications, up from 47.0% the previous week, while adjustable-rate mortgages accounted for 14.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.21% to 6.15%, and points (including the origination fee) fell from 1.13 to 1.05 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.