Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 854.5 to 878.7 on a seasonally adjusted basis during the week ended Feb. 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 15.2% on the week, but were down 29.3% from the level of a year earlier. The Purchase Index declined from 423.5 to 422.6 on a seasonally adjusted basis, while the Refinance Index rose from 3361.9 to 3532.2. Refinancings represented 56.4% of total applications, up from 55.7% the previous week, while adjustable-rate mortgages accounted for 28.8%. The average contract interest rate for 30-year fixed-rate mortgages was unchanged, at 5.49%, and points (including the origination fee) fell from 1.39 to 1.32 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.