Applications Increase

The Market Composite Index, an overall measure of mortgage applications, increased from 461.3 to 477.7 on a seasonally adjusted basis during the week ended June 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index increased from 333.4 to 342.8 on a seasonally adjusted basis, while the Refinance Index increased from 1212.2 to 1269.2. Refinancings represented 36.8% of total applications, a slight increase from 36.3% the previous week, while adjustable-rate mortgages accounted for 8.5%, unchanged from the previous week, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.39% to 6.33%, and points (including the origination fee) decreased from 1.12 to 1.09 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.