The Market Composite Index, an overall measure of mortgage applications, increased from 906.4 to 981.5 on a seasonally adjusted basis during the week ended Jan. 18 as the Refinance Index surged past 4000, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 11.0% on the week and were up 63.7% from the level recorded a year earlier. The Purchase Index fell from 461.2 to 439.9 on a seasonally adjusted basis, while the Refinance Index climbed from 3575.5 to 4178.2. Refinancings represented 66.0% of total applications, up from 62.7% the previous week, while adjustable-rate mortgages accounted for 9.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.62% to 5.49%, and points (including the origination fee) rose from 0.94 to 1.07 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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