Applications Rebound

The Market Composite Index, an overall measure of mortgage applications, rose from 548.6 to 596.8 on a seasonally adjusted basis during the week ended April 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 9.6% on the week but were down 15.6% from the level recorded a year earlier. The Purchase Index rose from 389.4 to 433.3 on a seasonally adjusted basis, while the Refinance Index climbed from 1489.4 to 1565.6. Refinancings represented 35.2% of total applications, down from 36.7% the previous week, while adjustable-rate mortgages accounted for 28.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.53% to 6.57%, and points (including the origination fee) increased from 1.10 to 1.18 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found on the Web at http://www.mortgagebankers.org.