Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 672.6 to 712.4 on a seasonally adjusted basis during the week ended April 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 6.3% on the week but were down 4.2% from their level a year earlier. The Purchase Index rose from 466.7 to 482.0 on a seasonally adjusted basis, while the Refinance Index climbed from 1870.0 to 2052.5. Refinancings represented 39.3% of total applications, up from 38.0% the previous week, while adjustable-rate mortgages accounted for 34.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.83% to 5.75%, and points (including the origination fee) were unchanged, at 1.28, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.