Weekly MBA Index Shows Apps Rising 15.8%

The Market Composite Index, an overall measure of mortgage applications, increased 15.8% on a seasonally adjusted basis to 1324.8 from 1143.8 during the week ended Jan. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, there would have been a 95.7% increase compared with the previous week and when compared with the same week one year earlier the index would have increased by 52.4%. The Purchase Index decreased 14.1% to 295.8 from 344.2 one week earlier on a seasonally adjusted basis, while the Refinance Index increased 25.6% to 7414.1 from 5904.5. Refinancings increased to 85.3% of applications from 79.8% the previous week, while adjustable-rate mortgages accounted for 1.1% of applications, up from 0.9% for the previous week, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.89% from 5.07%, with points (including the origination fee) increasing to 1.2 from 1.16 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.