Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 760.6 to 772.2 on a seasonally adjusted basis during the week ended Sept. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 11.9% on the week, and were up 12.0% from the level recorded a year earlier. The Purchase Index fell from 513.4 to 500.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2198.7 to 2353.7. The four-week moving average for the Purchase Index rose 0.6%, from 492.9 to 495.9, and the comparable average for the Refinance Index rose 0.4%, from 2264.4 to 2274.3. Refinancings represented 45.6% of total applications, up from 42.9% the previous week, while adjustable-rate mortgages accounted for 29.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.72% to 5.81%, and points (including the origination fee) increased from 1.18 to 1.21 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.