Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 745.0 to 761.3 on a seasonally adjusted basis during the week ended Aug. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 1.3% on the week and were up 10.6% from the level recorded a year earlier. The Purchase Index rose from 498.8 to 499.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2176.5 to 2285.5. The four-week moving average for the Purchase Index rose 0.5%, from 494.4 to 491.8, and the comparable average for the Refinance Index fell 0.3%, from 2341.3 to 2335.3. Refinancings represented 42.4% of total applications, up from 40.9% the previous week, while adjustable-rate mortgages accounted for 28.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.91% to 5.79%, and points (including the origination fee) decreased from 1.24 to 1.22 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.