The market composite index of mortgage loan applications--a measure of loan purchases and refinances--was 647.8, up from 562.6 the previous week, an unadjusted increase of 15.1%. On an unadjusted basis, the index increased 28.6% over the week before, and was up 102.4% compared to the same week a year earlier.
Refinancing made up 54.6% of applications, increasing from 53.2% the previous week. The average contract interest rate for 30-year fixed-rate mortgages was 6.97%, decreasing from 7.04% the previous week, with points decreasing to 1.22 from 1.29 the previous week (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 1-year adjustable rate mortgages was 6.31%, increasing from 6.23% the week before, with points remaining the same at 1.39% (including the origination fee) for 80% loan-to-value loans. The survey covers approximately 40% of US retail residential mortgage originations and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
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