Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 657.4 to 673.2 on a seasonally and holiday-adjusted basis during the week ended Sept. 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 26.6% on the week and were up 12.8% from the level recorded a year earlier. The Purchase Index rose from 448.0 to 452.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1876.6 to 1962.0. Refinancings represented 43.5% of total applications, up from 42.1% the previous week, while adjustable-rate mortgages accounted for 12.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.25% to 6.29%, and points (including the origination fee) rose from 1.00 to 1.02 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.