Apps Inch Up

The Market Composite Index, an overall measure of mortgage applications, rose from 571.5 to 575.6 on a seasonally adjusted basis during the week ended March 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 12.9% on the week but were down 17.8% from the level recorded a year earlier. The Purchase Index fell from 400.8 to 399.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1573.5 to 1614.4. The four-week moving average for the Purchase Index fell from 406.6 to 400.1, and the comparable average for the Refinance Index fell from 1633.2 to 1599.0. Refinancings represented 38.5% of total applications, up from 38.1% the previous week, while adjustable-rate mortgages accounted for 27.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.18% to 6.31%, and points (including the origination fee) rose from 1.19 to 1.22 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.