Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 601.6 to 677.2 on a seasonally adjusted basis during the week ended Dec. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 11.3% on the week, but were down 35.2% from the level of a year earlier. The Purchase Index rose from 399.8 to 437.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1775.5 to 2072.9. Refinancings represented 51.8% of total applications, up from 49.4% the previous week, while adjustable-rate mortgages accounted for 28.0%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.76% to 5.71%, and points (including the origination fee) increased from 1.38 to 1.46 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.