The Market Composite Index, an overall measure of mortgage applications, rose from a holiday-adjusted 575.6 to 671.1 on a seasonally adjusted basis during the week ended Jan. 5, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 33.2% on the week and were up 12.0% from the level recorded a year earlier. The Purchase Index rose from 406.9 to 472.8 on a seasonally adjusted basis, while the Refinance Index jumped from 1640.4 to 1923.8. Refinancings represented 48.4% of total applications, up from 48.1% the previous week, while adjustable-rate mortgages accounted for 20.1% (the lowest level since July 2003), the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.22% to 6.13%, and points (including the origination fee) rose from 0.92 to 0.94 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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