Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 704.8 to 727.6 on a seasonally adjusted basis during the week ended March 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 3.5% on the week but were down 33.4% from the level of a year earlier. The Purchase Index rose from 451.7 to 462.8 on a seasonally adjusted basis, while the Refinance Index climbed from 2176.8 to 2267.5. Refinancings represented 42.9% of total applications, up from 42.6% the previous week, while adjustable-rate mortgages accounted for 32.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.69% to 5.91%, and points (including the origination fee) were unchanged, at 1.23, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.