Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 630.1 to 639.8 on a seasonally adjusted basis during the week ended Feb. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 4.5% on the week and were up 10.9% from the level recorded a year earlier. The Purchase Index fell from 404.7 to 400.7 on a seasonally adjusted basis, while the Refinance Index rose from 1943.4 to 2031.7. Refinancings represented 46.1% of total applications, unchanged from the previous week, while adjustable-rate mortgages accounted for 21.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.23% to 6.24%, and points (including the origination fee) fell from 1.09 to 1.06 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.