Applications Increase Slightly

The Market Composite Index, an overall measure of mortgage applications, increased from 455.4 to 465.5 on a seasonally adjusted basis during the week ended Oct. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index increased from 304.8 to 314.5 on a seasonally adjusted basis, while the Refinance Index increased to 1345.8 from 1333.9. Refinancings represented 43.4% of total applications, down from 44% the previous week, while adjustable-rate mortgages accounted for 2.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages declined eight basis points from 6.07% to 5.99%, and points (including the origination fee) decreased from 1.12 to 1.09 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.