Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 606.6 to 626.1 on a seasonally adjusted basis during the week ended Feb. 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.4% on the week but were up 8.8% from the level recorded a year earlier. The Purchase Index rose from 381.4 to 401.3 on a seasonally adjusted basis, while the Refinance Index rose from 1921.1 to 1943.5. Refinancings represented 43.2% of total applications, down from 44.9 the previous week, while adjustable-rate mortgages accounted for 21.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.19% to 6.16%, and points (including the origination fee) rose from 0.88 to 1.05 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.