Apps Inch Higher

The Market Composite Index, an overall measure of mortgage applications, rose from 561.2 to 561.5 on a seasonally adjusted basis during the week ended Aug. 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.2% on the week and were down 25.1% from the level recorded a year earlier. The Purchase Index fell from 385.9 to 382.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1587.5 to 1608.5. Refinancings represented 40.6% of total applications, up from 39.6% the previous week, while adjustable-rate mortgages accounted for 26.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.54% to 6.38%, and points (including the origination fee) were unchanged, at 0.98, for loans with 80% loan-to-value ratios, the association reported.