Applications Jump

The Market Composite Index, an overall measure of mortgage applications, rose from 566.5 to 633.9 on a seasonally adjusted basis during the week ended Sept. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 11.5% on the week but were down 10.9% from the level recorded a year earlier. The Purchase Index rose from 375.9 to 404.6 on a seasonally adjusted basis, while the Refinance Index surged from 1677.5 to 1970.8. Refinancings represented 46.7% of total applications, up from 44.3% the previous week, while adjustable-rate mortgages accounted for 27.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.18% to 6.24%, and points (including the origination fee) fell from 1.06 to 1.03 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.