Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 513.4 to 522.2 on a seasonally adjusted basis during the week ended July 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The Purchase Index fell from 365.8 to 359.7 on a seasonally adjusted basis, while the Refinance Index climbed from 1379.3 to 1474.9. Refinancings represented 39.2% of total applications, up from 37.3% the previous week, while adjustable-rate mortgages accounted for 9.1%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.43% to 6.22%, and points (including the origination fee) increased from 1.06 to 1.21 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.