The Market Composite Index, an overall measure of mortgage applications, rose to 707.2 on a seasonally adjusted basis during the week ended Sept. 26 from 699.6 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 0.9% on the week. The Purchase Index decreased from 402.1 to 397.8 on a seasonally adjusted basis, while the Refinance Index rose from 2429.7 to 2506.8. Refinancings represented 53.1% of total applications, up from 51.9% the previous week, while adjustable-rate mortgages accounted for 23.4%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.85% to 5.67%, and points (including the origination fee) decreased from 1.29 to 1.26 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.
Applications Rise
Published October 01, 2003, 2:00 p.m. EDT
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