The Market Composite Index, an overall measure of mortgage applications, jumped from 599.9 to 702.6 on a seasonally adjusted basis during the week ended Jan. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 71.9% on the week, but they were down 42.9% from the level of a year earlier. The Purchase Index rose from 401.3 to 445.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1755.4 to 2195.7. Refinancings represented 51.6% of total applications, up from 49.7% the previous week, while adjustable-rate mortgages accounted for 26.6%. The average contract interest rate for 30-year fixed-rate mortgages dropped from 5.81% to 5.56%, and points (including the origination fee) decreased from 1.43 to 1.38 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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