Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 658.1 to 706.4 on a seasonally adjusted basis during the week ended Jan. 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 23.7% on the week but were down 18.8% from the level of a year earlier. The Purchase Index rose from 439.0 to 440.3 on a seasonally adjusted basis, while the Refinance Index climbed from 1932.8 to 2253.9. Refinancings represented 48.7% of total applications, up from 46.5% the previous week, while adjustable-rate mortgages accounted for 32.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.58% to 5.61%, and points (including the origination fee) increased from 1.22 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.