Applications Inch Higher

The Market Composite Index, an overall measure of mortgage applications, rose from 656.3 to 656.5 on a seasonally adjusted basis during the week ended Oct. 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 11.2% on the week and were up 11.5% from the level recorded a year earlier. The Purchase Index fell from 429.1 to 415.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1980.9 to 2059.3. Refinancings represented 47.0% of total applications, up from 45.3% the previous week, while adjustable-rate mortgages accounted for 14.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.40% to 6.21%, and points (including the origination fee) rose from 1.04 to 1.13 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.