Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 625.3 to 666.5 on a seasonally adjusted basis during the week ended June 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 17.4% on the week and were up 16.1% from the level recorded a year earlier. The Purchase Index rose from 433.6 to 464.7 on a seasonally adjusted basis, while the Refinance Index climbed from 1757.1 to 1854.8. Refinancings represented 38.0% of total applications, unchanged from the previous week, while adjustable-rate mortgages accounted for 18.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages jumped from 6.35% to 6.61%, and points (including the origination fee) fell from 1.50 to 1.44 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.