Applications Creep Up

The Market Composite Index, an overall measure of mortgage applications, rose from 626.2 to 631.6 on a seasonally adjusted basis during the week ended July 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 25.9% on the week (from the week that included the Fourth of July) and were up 15.7% from the level recorded a year earlier. The Purchase Index fell from 453.9 to 446.5 on a seasonally adjusted basis, while the Refinance Index climbed from 1636.9 to 1717.4. Refinancings represented 37.7% of total applications, up from 36.2% the previous week, while adjustable-rate mortgages accounted for 21.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.65% to 6.61%, and points (including the origination fee) rose from 1.52 to 1.60 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.