Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 571.7 to 612.8 on a seasonally adjusted basis during the week ended March 31, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 7.2% on the week but were down 4.6% from the level recorded a year earlier. The Purchase Index rose from 404.1 to 438.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1558.4 to 1640.8. The four-week moving average for the Purchase Index rose from 399.9 to 409.7, and the comparable average for the Refinance Index rose from 1582.7 to 1589.3. Refinancings represented 36.6% of total applications, down from 37.3% the previous week, while adjustable-rate mortgages accounted for 28.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.36% to 6.49%, and points (including the origination fee) rose from 1.02 to 1.13 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found on the Web at http://www.mortgagebankers.org.