Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 646.7 to 661.3 on a seasonally adjusted basis during the week ended Nov. 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 1.0% on the week, but were down 9.2% from the level recorded a year earlier. The Purchase Index rose from 437.6 to 465.7 on a seasonally adjusted basis, while the Refinance Index declined from 1862.8 to 1798.8. The four-week moving average for the Purchase Index fell from 469.4 to 468.4, and the comparable average for the Refinance Index fell from 1970.1 to 1918.5. Refinancings represented 41.7% of total applications, down from 43.6% the previous week, while adjustable-rate mortgages accounted for 31.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.21% to 6.31%, and points (including the origination fee) increased from 1.27 to 1.37 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.