Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 585.8 to 588.6 on a seasonally adjusted basis during the week ended Oct. 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 0.5% on the week but were down 13.0% from the level recorded a year earlier. The Purchase Index fell from 384.7 to 382.4 on a seasonally adjusted basis, while the Refinance Index rose from 1758.2 to 1790.4. Refinancings represented 45.6% of total applications, up from 45.0% the previous week, while adjustable-rate mortgages accounted for 26.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.33% to 6.36%, and points (including the origination fee) fell from 1.15 to 1.04 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.