Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 534.4 to 571.9 on a seasonally adjusted basis during the week ended June 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 17.9% on the week but were down 34.3% from the level recorded a year earlier. The Purchase Index rose from 395.6 to 414.6 on a seasonally adjusted basis, while the Refinance Index climbed from 1356.0 to 1499.4. Refinancings represented 35.7% of total applications, up from 34.2% the previous week, while adjustable-rate mortgages accounted for 30.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.60% to 6.61%, and points (including the origination fee) decreased from 1.19 to 1.13 for loans with 80% loan-to-value ratios, the association reported.