Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from to 584.2 to 595.8 on a seasonally adjusted basis during the week ended Sept. 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 12.3% on the week but were down 22.5% from the level recorded a year earlier. The Purchase Index fell from 410.2 to 397.9 on a seasonally adjusted basis, while the Refinance Index rose from 1597.0 to 1748.7. Refinancings represented 43.7% of total applications, up from 40.3% the previous week, while adjustable-rate mortgages accounted for 27.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.32% to 6.36%, and points (including the origination fee) rose from 1.06 to 1.11 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.