Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 527.6 to 553.3 on a seasonally adjusted basis during the week ended Aug. 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 4.3% on the week but were down 24.9% from the level recorded a year earlier. The Purchase Index rose from 376.2 to 388.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1417.2 to 1518.1. Refinancings represented 38.0% of total applications, up from 37.0% the previous week, while adjustable-rate mortgages accounted for 27.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.62% to 6.45%, and points (including the origination fee) increased from 1.00 to 1.01 for loans with 80% loan-to-value ratios, the association reported.