Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from to 556.5 to 566.3 on a seasonally adjusted basis during the week ended Sept. 1, 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 26.1% from the level recorded a year earlier. The Purchase Index rose from 375.9 to 389.7 on a seasonally adjusted basis, while the Refinance Index fell from 1609.2 to 1594.7. Refinancings represented 41.0% of total applications, down from 41.5% the previous week, while adjustable-rate mortgages accounted for 26.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.39% to 6.31%, and points (including the origination fee) rose from 1.03 to 1.10 for loans with 80% loan-to-value ratios, the association reported.