Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 878.7 to 889.1 on a seasonally adjusted basis during the week ended March 5, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 1.6% on the week, but were down 43.1% from the level of a year earlier. The Purchase Index climbed from 422.6 to 428.6 on a seasonally adjusted basis, while the Refinance Index rose from 3532.2 to 3567.6. Refinancings represented 56.1% of total applications, down from 56.4% the previous week, while adjustable-rate mortgages accounted for 28.1%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.49% to 5.34%, and points (including the origination fee) rose from 1.32 to 1.35 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.