Applications Increase Slightly

The Market Composite Index, an overall measure of mortgage applications, decreased 20.3% on a seasonally adjusted basis from 476.7 to 379.9 during the week ended Oct. 31, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index decreased from 303.1 to 260.9 on a seasonally adjusted basis, while the Refinance Index decreased from 1489.4 to 1075.4. Refinancings represented 42.9% of total applications, down from 46.9% the previous week, while adjustable-rate mortgages accounted for 2.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased 21 basis points from 6.26% to 6.47%, and points (including the origination fee) increased from 1.10 to 1.19 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.