The Market Composite Index, an overall measure of mortgage applications, increased from 981.5 to 1054.9 on a seasonally adjusted basis during the week ended Jan. 25 as the Refinance Index exceeded 5000, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 10.5% on the week and were up 70.7% from the level recorded a year earlier. The Purchase Index fell from 439.9 to 362.0 on a seasonally adjusted basis, while the Refinance Index climbed from 4178.2 to 5103.6. Refinancings represented 73.0% of total applications, up from 66.0% the previous week, while adjustable-rate mortgages accounted for 8.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.49% to 5.60%, and points (including the origination fee) fell from 1.07 to 1.06 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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