Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 837.1 to 854.5 on a seasonally adjusted basis during the week ended Feb. 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.However, on an unadjusted basis, applications fell 6.7% on the week and were down 24.1% from the level of a year earlier. The Purchase Index climbed from 413.9 to 423.5 on a seasonally adjusted basis, while the Refinance Index rose from 3298.3 to 3361.9. Refinancings represented 55.7% of total applications, down from 56.6% the previous week, while adjustable-rate mortgages accounted for 27.1%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.46% to 5.49%, and points (including the origination fee) slipped from 1.40 to 1.39 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.