The Market Composite Index, an overall measure of mortgage applications, fell from 671.1 to 667.2 on a seasonally adjusted basis during the week ended Jan. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 28.9% on the week and were up 9.8% from the level recorded a year earlier. The Purchase Index fell from 472.8 to 439.7 on a seasonally adjusted basis, while the Refinance Index rose from 1923.8 to 2045.8. Refinancings represented 49.9% of total applications, up from 48.4% the previous week, while adjustable-rate mortgages accounted for 21.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.13% to 6.19%, and points (including the origination fee) rose from 0.94 to 0.98 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry