Applications Jump

The Market Composite Index, an overall measure of mortgage applications, jumped from 575.0 to 687.0 on a seasonally adjusted basis during the week ended July 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 19.2% on the week but were down 34.1% from the level of a year earlier. The Purchase Index rose from 435.4 to 500.9 on a seasonally adjusted basis, while the Refinance Index climbed from 1386.9 to 1769.7. Refinancings represented 35.8% of total applications, up from 33.4% the previous week, while adjustable-rate mortgages accounted for 34.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.21% to 5.96%, and points (including the origination fee) rose from 1.30 to 1.37 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.