Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 670.6 to 707.3 on a seasonally adjusted basis during the week ended Nov. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 4.2% on the week and were up 21.8% from the level recorded a year earlier. The Purchase Index rose from 412.7 to 432.6 on a seasonally adjusted basis, while the Refinance Index climbed from 2176.1 to 2315.7. Refinancings represented 50.2% of total applications, up from 49.1% the previous week, while adjustable-rate mortgages accounted for 15.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.16% to 6.19%, and points (including the origination fee) rose from 1.08 to 1.16 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.