The Market Composite Index, an overall measure of mortgage applications, rose from 587.8 to 682.9 on a seasonally adjusted basis during the week ended Jan. 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 19.4% on the week but were down 27.4% from the level of a year earlier. The Purchase Index rose from 393.1 to 448.1 on a seasonally adjusted basis, while the Refinance Index climbed from 1720.5 to 2048.6. Refinancings represented 48.9% of total applications, down from 49.0% the previous week, while adjustable-rate mortgages accounted for 32.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.70% to 5.64%, and points (including the origination fee) fell from 1.32 to 1.23 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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