Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 529.6 to 561.0 on a seasonally adjusted basis during the week ended June 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 5.9% on the week and were down 33.3% from the level recorded a year earlier. The Purchase Index rose from 389.0 to 414.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1356.0 to 1423.9. Refinancings represented 35.0% of total applications, down from 35.3% the previous week, while adjustable-rate mortgages accounted for 29.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.86% to 6.80%, and points (including the origination fee) increased from 1.10 to 1.13 for loans with 80% loan-to-value ratios, the association reported.