Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 626.1 to 671.6 on a seasonally adjusted basis during the week ended March 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 19.9% on the week and were up 15.6% from the level recorded a year earlier. The Purchase Index rose from 401.3 to 405.3 on a seasonally adjusted basis, while the Refinance Index rose from 1943.5 to 2234.2. Refinancings represented 46.1% of total applications, up from 43.2 the previous week, while adjustable-rate mortgages accounted for 21.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.16% to 6.04%, and points (including the origination fee) rose from 1.05 to 1.27 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.