Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 630.6 to 653.3 on a seasonally adjusted basis during the week ended April 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 4.1% on the week and were up 18.2% from the level recorded a year earlier. The Purchase Index rose from 396.5 to 411.0 on a seasonally adjusted basis, while the Refinance Index rose from 2008.4 to 2081.6. Refinancings represented 43.4% of total applications, down from 43.6% the previous week, while adjustable-rate mortgages accounted for 18.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.22% to 6.13%, and points (including the origination fee) rose from 1.22 to 1.32 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.