Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 555.8 to a holiday-adjusted 575.6 on a seasonally adjusted basis during the week ended Dec. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 27.4% on the week but were up 6.9% from the level recorded a year earlier. The Purchase Index rose from 390.2 to 406.9 on a seasonally adjusted basis, while the Refinance Index rose from 1604.6 to 1640.4. Refinancings represented 48.1% of total applications, down from 48.8% the previous week, while adjustable-rate mortgages accounted for 20.4% (the lowest level since July 2003), the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.12% to 6.22%, and points (including the origination fee) fell from 0.96 to 0.92 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.