Applications Rebound

The Market Composite Index, an overall measure of mortgage applications, rose from 624.1 to 656.7 on a seasonally adjusted basis during the week ended Dec. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 46.8% on the week but were down 6.1% from the level recorded a year earlier. The Purchase Index rose from 476.2 to 495.1 on a seasonally adjusted basis, while the Refinance Index climbed from 1484.3 to 1596.4. The four-week moving average for the Purchase Index rose from 473.0 to 480.4, and the comparable average for the Refinance Index fell from 1642.4 to 1591.8. Refinancings represented 41.0% of total applications, up from 39.1% the previous week, while adjustable-rate mortgages accounted for 33.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.20% to 6.32%, and points (including the origination fee) increased from 1.17 to 1.30 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.