The Market Composite Index, an overall measure of mortgage applications, increased 28.4% from 706.0 to 906.4 on a seasonally adjusted basis as refinancing rose notably during the week ended Jan. 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 64.8% from the previous holiday-shortened week, and were up 39% from the level recorded a year earlier. The Purchase Index rose from 414.0 to 461.2 on a seasonally adjusted basis, while the Refinance Index surged from 2494.2 to 3575.5. Refinancings represented 62.7% of total applications, up from 57.7% the previous week, while adjustable-rate mortgages accounted for 9.2%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.73% to 5.62%, and points (including the origination fee) fell from 1.10 to 0.94 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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