Adjusted Apps Creep Higher

The Market Composite Index, an overall measure of mortgage applications, rose from 561.0 to 566.8 on a seasonally adjusted basis during the week ended July 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 29.1% on the week and were down 36.3% from the level recorded a year earlier. The Purchase Index rose from 414.2 to 425.0 on a seasonally adjusted basis, while the Refinance Index declined from 1423.9 to 1400.5. Refinancings represented 34.0% of total applications, down from 35.0% the previous week, while adjustable-rate mortgages accounted for 28.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.80% to 6.81%, and points (including the origination fee) decreased from 1.13 to 1.06 for loans with 80% loan-to-value ratios, the association reported.