Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 567.0 to 655.4 on a seasonally adjusted basis during the week ended May 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 15.9% on the week and were down 4.4% from the level recorded a year earlier. The Purchase Index rose from 340.1 to 381.3 on a seasonally adjusted basis, while the Refinance Index climbed from 1905.2 to 2273.8. Refinancings represented 47.1% of total applications, up from 45.7% the previous week, while adjustable-rate mortgages accounted for 6.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.01% to 5.91%, and points (including the origination fee) decreased from 1.26 to 1.12 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.