Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 600.1 to 613.3 on a seasonally adjusted basis during the week ended Jan. 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 31.4% on the week but were down 10.9% from the level recorded a year earlier. The Purchase Index fell from 457.4 to 443.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1497.5 to 1645.2. The four-week moving average for the Purchase Index fell from 440.4 to 438.1, and the comparable average for the Refinance Index rose from 1384.5 to 1441.3. Refinancings represented 44.0% of total applications, up from 42.2% the previous week, while adjustable-rate mortgages accounted for 30.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.08% to 6.07%, and points (including the origination fee) remained at 1.23 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.