Applications Increase Slightly

The Market Composite Index, an overall measure of mortgage applications, increased from 465.5 to 489.3 on a seasonally adjusted basis during the week ended Oct. 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index decreased from 314.5 to 313.5 on a seasonally adjusted basis, while the Refinance Index increased from 1345.8 to 1514.2. Refinancings represented 46.4% of total applications, up from 43.4% the previous week, while adjustable-rate mortgages accounted for 2.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased 48 basis points from 5.99% to 6.47%, and points (including the origination fee) increased from 1.09 to 1.14 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.