Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 420.8 to 432.6 on a seasonally adjusted basis during the week ended Aug. 1, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index rose from 309.5 to 315.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1074.4 to 1121.8. Refinancings represented 35.9% of total applications, up from 35.2% the previous week, while adjustable-rate mortgages accounted for 6.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.46% to 6.41%, and points (including the origination fee) decreased from 1.16 to 1.13 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.