Applications Increase Slightly

The Market Composite Index, an overall measure of mortgage applications, increased 16.8% on a seasonally adjusted basis from 408.1 to 476.7 during the week ended Oct. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index increased from 279.3 to 303.1 on a seasonally adjusted basis, while the Refinance Index increased from 1158.8 to 1489.4. Refinancings represented 46.9% of total applications, up from 42.6% the previous week, while adjustable-rate mortgages accounted for 1.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased 2 basis points from 6.28% to 6.26%, and points (including the origination fee) increased from 1.09 to 1.10 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.