Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose to 1635.5 on a seasonally adjusted basis during the week ended June 27 from 1554.5 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 5.1% on the week and 127.1% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index increased from 411.2 to 438.4, and the Refinance Index climbed from 8204.6 to 8599.1. Refinancings represented 75.6% of total applications, down from 75.8% the previous week, while adjustable-rate mortgages accounted for 13.4%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.10% to 5.23%, and points (including the origination fee) decreased from 1.62 to 1.45 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.