Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 748.0 to 780.9 on a seasonally adjusted basis during the week ended April 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 4.8% on the week but were down 35.3% from the level of a year earlier. The Purchase Index climbed from 463.5 to 482.5 on a seasonally adjusted basis, while the Refinance Index rose from 2403.0 to 2516.0. Refinancings represented 44.0% of total applications, unchanged from the previous week, while adjustable-rate mortgages accounted for 32.1%. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.01% to 6.10%, and points (including the origination fee) rose from 1.28 to 1.38 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.