Applications Climb

The Market Composite Index, an overall measure of mortgage applications, rose from 675.5 to 686.2 on a seasonally adjusted basis during the week ended May 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 1.6% on the week and were up 23% from the level recorded a year earlier. The Purchase Index rose from 432.3 to 438.1 on a seasonally adjusted basis, while the Refinance Index rose from 2115.5 to 2154.7. Refinancings represented 42.3% of total applications, up from 42.1% the previous week, while adjustable-rate mortgages accounted for 18.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.13% to 6.23%, and points (including the origination fee) rose from 1.47 to 1.53 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.