Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 673.3 to 696.2 on a seasonally adjusted basis during the week ended Dec. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 43.8% on the week and were up 15.4% from the level of a year earlier. The Purchase Index rose from 460.3 to 490.9 on a seasonally adjusted basis, while the Refinance Index declined from 1912.3 to 1890.6. Refinancings represented 45.6% of total applications, down from 46.4% the previous week, while adjustable-rate mortgages accounted for 34.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.78% to 5.68%, and points (including the origination fee) rose from 1.25 to 1.27 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.