Applications Inch Up

The Market Composite Index, an overall measure of mortgage applications, rose slightly, from 724.7 to 724.8, on a seasonally adjusted basis during the week ended Oct. 1, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were virtually unchanged on the week and were down 11.8% from the level of a year earlier. The Purchase Index fell from 469.1 to 459.0 on a seasonally adjusted basis, while the Refinance Index climbed from 2211.1 to 2270.8. Refinancings represented 47.1% of total applications, up from 45.9% the previous week, while adjustable-rate mortgages accounted for 33.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.64% to 5.78%, and points (including the origination fee) increased from 1.35 to 1.36, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.