Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 657.2 to 680.7 on a seasonally adjusted basis during the week ended May 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 4.0% on the week and were up 19.9% from the level recorded a year earlier. The Purchase Index rose from 427.3 to 438.3 on a seasonally adjusted basis, while the Refinance Index increased from 2015.8 to 2115.2. Refinancings represented 41.8% of total applications, up from 41.5% the previous week, while adjustable-rate mortgages accounted for 18.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.14% to 6.10%, and points (including the origination fee) rose from 1.31 to 1.48 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.