The Market Composite Index, an overall measure of mortgage applications, rose from 665.1 to 684.9 on a seasonally adjusted basis during the week ended Feb. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 15.3% on the week and were up 1.1% from the level recorded a year earlier. The Purchase Index rose from 358.2 to 363.1 on a seasonally adjusted basis, while the Refinance Index climbed from 2458.9 to 2569.0. Refinancings represented 52.4% of total applications, up from 52.0% the previous week, while adjustable-rate mortgages accounted for 17.3, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.27% to 5.98%, and points (including the origination fee) were unchanged, at 1.15, 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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