Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 689.0 to 689.3 on a seasonally adjusted basis during the week ended Dec. 17, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 0.5% on the week but were up 8.5% from the level of a year earlier. The Purchase Index fell from 488.9 to 471.1 on a seasonally adjusted basis, while the Refinance Index climbed from 1852.4 to 1958.2. Refinancings represented 48.9% of total applications, up from 46.0% the previous week, while adjustable-rate mortgages accounted for 34.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.65% to 5.69%, and points (including the origination fee) rose from 1.28 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.