The Market Composite Index, an overall measure of mortgage applications, rose from 619.4 to 626.2 on a seasonally adjusted (and holiday-adjusted) basis during the week ended July 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 19.1% on the week but were up 25.3% from the level recorded a year earlier. The Purchase Index rose from 437.3 to 453.9 on a seasonally adjusted basis, while the Refinance Index declined from 1687.2 to 1636.9. Refinancings represented 36.2% of total applications, down from 37.8% the previous week, while adjustable-rate mortgages accounted for 20.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.50% to 6.65%, and points (including the origination fee) fell from 1.69 to 1.52 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

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