Applications Increase Slightly

The Market Composite Index, an overall measure of mortgage applications, increased 2.9% on a seasonally adjusted basis from a revised figure of 817.7 to 841.4 during the week ended Dec. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. A note from MBA said all figures pertaining to the week of Dec. 5 have been revised. The Purchase Index decreased 4.5% to 286.1 on a seasonally adjusted basis, while the Refinance Index increased 6.5% to 4156.0. Refinancings continued to boom, representing 76.9% of total applications, up from 74.3% the previous week, while adjustable-rate mortgages accounted for 1.1% of applications, unchanged from the previous week, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased 26 basis points from 5.44% to 5.18%, and points (including the origination fee) decreased from 1.24 to 1.13 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.