Applications Hold Steady

The Market Composite Index, an overall measure of mortgage applications, rose from 618.6 to 619.4 on a seasonally adjusted basis during the week ended June 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 0.1% on the week but were up 9.7% from the level recorded a year earlier. The Purchase Index rose from 428.9 to 437.3 on a seasonally adjusted basis, while the Refinance Index declined from 1731.6 to 1687.2. Refinancings represented 37.8% of total applications, down from 38.7% 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 6.60% to 6.50%, and points (including the origination fee) rose from 1.54 to 1.69 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.