MBA: Weekly Applications Jump

The Market Composite Index, an overall measure of mortgage applications, jumped from 421.6 to 453.1 on a seasonally adjusted basis during the week ended Aug. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index increased from 315.9 to 349.0 on a seasonally adjusted basis, while the Refinance Index rose from 1038.0 to 1059.7. Refinancings represented 34.0% of total applications, down from 35.2% the previous week, while adjustable-rate mortgages accounted for 6.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages dropped from 6.44% to 6.39% and points (including the origination fee) declined from 1.03 to 1.00 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.