Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 636.7 to 652.0 on a seasonally adjusted basis during the week ended Oct. 5, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 2.4% on the week and were up 8.6% from the level recorded a year earlier. The Purchase Index rose from 411.4 to 420.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1950.4 to 2003.2. Refinancings represented 46.2% of total applications, up from 46.0% the previous week, while adjustable-rate mortgages accounted for 13.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.32% to 6.40%, and points (including the origination fee) fell from 1.08 to 1.00 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.