Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 656.5 to 678.7 on a seasonally adjusted basis during the week ended Aug. 10, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 2.7% on the week and were up 20.6% from the level recorded a year earlier. The Purchase Index rose from 447.4 to 464.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1881.1 to 1929.6. Refinancings represented 39.9% of total applications, unchanged from the level of the previous week, while adjustable-rate mortgages accounted for 21.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.41% to 6.45%, and points (including the origination fee) fell from 1.62 to 1.54 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.