The Market Composite Index, an overall measure of mortgage applications, rose from 671.6 to 690.5 on a seasonally adjusted basis during the week ended March 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 3.2% on the week and were up 19.1% from the level recorded a year earlier. The Purchase Index rose from 405.3 to 414.3 on a seasonally adjusted basis, while the Refinance Index rose from 2234.2 to 2312.2. Refinancings represented 46.2% of total applications, up from 46.1% the previous week, while adjustable-rate mortgages accounted for 21.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.04% to 6.03%, and points (including the origination fee) rose from 1.27 to 1.38 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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