Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 642.7 to 692.0 on a seasonally adjusted basis during the week ended Sept. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications climbed 6.2% on the week and was up 12.2% from the level of a year earlier. The Purchase Index rose from 443.1 to 476.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1804.1 to 1948.9. Refinancings represented 41.4% of total applications, up from 40.7% the previous week, while adjustable-rate mortgages accounted for 32.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.75% to 5.79%, and points (including the origination fee) increased from 1.32 to 1.37, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.