Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 797.8 to 837.1 on a seasonally adjusted basis during the week ended Feb. 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 7.0% on the week, but were down 22.3% from the level of a year earlier. The Purchase Index climbed from 402.2 to 413.9 on a seasonally adjusted basis, while the Refinance Index rose from 3099.1 to 3298.3. Refinancings represented 56.6% of total applications, down slightly from 56.9% the previous week, while adjustable-rate mortgages accounted for 27.1%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.60% to 5.46%, and points (including the origination fee) were unchanged at 1.40 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.