Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 553.3 to 561.2 on a seasonally adjusted basis during the week ended Aug. 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 0.4% on the week but were down 25.6% from the level recorded a year earlier. The Purchase Index fell from 388.9 to 385.9 on a seasonally adjusted basis, while the Refinance Index increased from 1518.1 to 1587.5. Refinancings represented 39.6% of total applications, up from 38.0% the previous week, while adjustable-rate mortgages accounted for 27.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.45% to 6.54, and points (including the origination fee) decreased from 1.01 to 0.98 for loans with 80% loan-to-value ratios, the association reported.