Applications Jump

The Market Composite Index, an overall measure of mortgage applications, rose from 703.9 to 761.7 on a seasonally adjusted basis during the week ended Oct. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 7.5% on the week and were up 11.0% from the level of a year earlier. The Purchase Index rose from 440.9 to 496.5 on a seasonally adjusted basis, while the Refinance Index climbed from 2233.8 to 2303.9. Refinancings represented 45.7% of total applications, down from 47.7% the previous week, while adjustable-rate mortgages accounted for 34.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.54% to 5.65%, and points (including the origination fee) fell from 1.35 to 1.26 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.