Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 791.8 to 811.8 on a seasonally basis during the week ended Dec. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 1.4% on the week and were up 14.2% from the level recorded a year earlier. The Purchase Index rose from 464.3 to 472.0 on a seasonally adjusted basis, while the Refinance Index climbed from 2761.3 to 2879.8. Refinancings represented 57.6% of total applications, up from 56.0% the previous week, while adjustable-rate mortgages accounted for 9.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.82% to 6.07%, and points (including the origination fee) rose from 1.07 to 1.17, for loans with 80% loan-to-value ratios, the association reported.