Applications Inch Up

The Market Composite Index, an overall measure of mortgage applications, rose from 712.4 to 714.1 on a seasonally adjusted basis during the week ended April 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 0.7% on the week but were down 8.0% from their level a year earlier. The Purchase Index rose from 482.0 to 482.5 on a seasonally adjusted basis, while the Refinance Index climbed from 2052.5 to 2061.2. Refinancings represented 39.1% of total applications, down from 39.3% the previous week, while adjustable-rate mortgages accounted for 33.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.75% to 5.74%, and points (including the origination fee) decreased from 1.28 to 1.18 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.