Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 722.5 to 771.6 on a seasonally adjusted basis during the week ended Sept. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 5.4% on the week, and were up 11.8% from the level recorded a year earlier. The Purchase Index rose from 470.6 to 499.1 on a seasonally adjusted basis, while the Refinance Index climbed from 2187.8 to 2357.1. The four-week moving average for the Purchase Index rose 0.1%, from 489.3 to 489.4, and the comparable average for the Refinance Index rose 1.9%, from 2240.9 to 2284.6. Refinancings represented 44.8% of total applications, up from 43.8% the previous week, while adjustable-rate mortgages accounted for 26.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.73% to 5.64%, and points (including the origination fee) decreased from 1.21 to 1.13 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.