Applications Surge

The Market Composite Index, an overall measure of mortgage applications, rose from a revised 646.3 to 791.8 on a seasonally basis during the week ended Nov. 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 51.5% on the week (which followed the holiday-shortened Thanksgiving week) and were up 24.2% from the level recorded a year earlier. The Purchase Index rose from a revised 403.2 to 464.3 on a seasonally adjusted basis, while the Refinance Index climbed from a revised 2093.0 to 2761.3. Refinancings represented 56.0% of total applications, up from a revised 51.4% the previous week, while adjustable-rate mortgages accounted for 11.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.09% to 5.82%, and points (including the origination fee) were unchanged, at 1.07, for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.