Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 655.4 to 674.4 on a seasonally adjusted basis during the week ended May 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 2.9% on the week and were down 1.1% from the level recorded a year earlier. The Purchase Index fell from 381.3 to 378.5 on a seasonally adjusted basis, while the Refinance Index climbed from 2273.8 to 2422.1. Refinancings represented 48.7% of total applications, up from 47.1% the previous week, while adjustable-rate mortgages accounted for 8.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.91% to 5.82%, and points (including the origination fee) increased from 1.12 to 1.23 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.