Applications Rise

Mortgage applications rose 25.2% for the week ended June 5 on the heels of a holiday-shortened week, but the Market Index was up only 0.7% on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index climbed 29.3%, the Refinancing Index increased 19.3%, the Conventional Index jumped 27.8%, and the Government Index rose 15.7%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 393.9 the previous week to 396.6; the Purchase Index increased from 259.8 to 272.1; the Refinancing Index fell from 1174.3 to 1120.7; the Conventional Index climbed from 494.8 to 508.3; and the Government Index declined from 225.6 to 210.0. Refinancings represented 39.4% of total applications, down from 41.4% the previous week, while adjustable-rate mortgages accounted for 9.3%, up from 8.0% the week before. Overall, applications were up 74.9% compared with those for the same week last year.