RTTNews - The Mortgage Bankers Association's Market Composite Index increased 4.4 percent last week on a seasonally adjusted basis from the previous week as the contract interest rates for 30- and 15-year fixed rate mortgages fell slightly, according to data released on Wednesday.

The measure of mortgage application volume increased 4.1 percent on an unadjusted basis compared with the week before, and 18 percent compared with the same week last year.

Other data released showed that the average contract interest rate for 30-year fixed rate mortgages fell to 5.17 percent from 5.36 percent, and points-including the origination fee-for 80 percent loan-to-value ration loans increased to 1.02 from 0.93.

For 15-year fixed rate mortgages, the average contract interest rate decreased from 4.75 percent to 4.60 percent and points for 80 percent LTV loans fell from 1.14 to one.

The average contract interest rate for one year adjustable rate mortgages increased to 6.67 percent from 6.66 percent, and points for 80 percent LTV loans remained flat at 0.09.

The MBA also reported that the Refinance index increased 7.2 percent from the previous week, and the index, in general, has climbed 35 percent from its low in late June. The seasonally adjusted purchase index increased 0.9 percent from the previous week.

Data also showed that the four week moving average for the seasonally adjusted Market Index is up 1.2 percent, while the four week moving average is down two percent for the seasonally adjusted Purchase Index and up 3.8 percent for the Refinance Index.

The survey also revealed that the refinance share of mortgage activity increased to 54.2 percent of total applications from 52.6 percent the previous week. The adjustable rate mortgage share of activity decreases from 5.5 percent of total applications to 5.4 percent.

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