Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 694.8 to 737.5 on a seasonally adjusted basis during the week ended Oct. 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 4.4% on the week but were up 3.7% from the level recorded a year earlier. The Purchase Index rose from 469.5 to 503.9 on a seasonally adjusted basis, while the Refinance Index climbed from 2004.9 to 2095.7. The four-week moving average for the Purchase Index rose 0.2%, from 481.7 to 482.6, and the comparable average for the Refinance Index fell 3.0%, from 2143.2 to 2078.7. Refinancings represented 42.8% of total applications, down from 43.5% the previous week, while adjustable-rate mortgages accounted for 29.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.98% to 6.09%, and points (including the origination fee) increased from 1.22 to 1.29 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.