MBA: Apps Jump 8.6%

The Market Composite Index, an overall measure of mortgage applications, increased 8.6% on a seasonally adjusted basis to 795.4 from 732.1 during the week ended Jan. 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, there was an increase of 28.1% when compared with the previous week but a decrease of 26.9% when compared with the same week in 2007. The Purchase Index decreased 11.2% to 261.4 from 294.3 one week earlier on a seasonally adjusted basis, while the Refinance Index increased 15.8% to 3906.3 from 3373.9 the week prior. Refinancings increased to 73.2% of applications from 72.8% the previous week, while adjustable-rate mortgages accounted for 2.1% of applications, down from 2.4% for the previous week, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.28% from 5.22%, with points (including the origination fee) increasing to 1.12 from 1.05 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.