Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose to 1701.7 on a seasonally adjusted basis during the week ended June 13 from 1684.6 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 0.7% on the week and 192.6% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index increased from 418.9 to 419.1, and the Refinance Index rose from 9046.9 to 9162.7. Refinancings represented 77.3% of total applications, up from 76.9% the previous week, while adjustable-rate mortgages accounted for 14.4%. The average contract interest rate for 30-year fixed-rate mortgages fell from a survey-record low of 5.06% to a new low of 4.99%, and points (including the origination fee) increased from 1.53 to 1.58 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.