Apps Jump as Refi Index Passes 6000

Mortgage applications jumped 21% on a seasonally adjusted basis for the week ended Nov. 15 as the Refinance Index surged past the 6000 level, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 20.3% on the week and 22% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index rose from 333.3 to 345.0, while the Refinance Index surged from 4825.6 to 6174.1. Refinancings represented 77.6% of total applications, up from 73.0% the previous week, while adjustable-rate mortgages accounted for 11.9%. The average contract interest rate for 30-year fixed-rate mortgages climbed from a survey-record low of 5.74% to 5.94%, and points (including the origination fee) decreased from 1.52 to 1.44 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.