Applications Rise

The Market Composite Index, an overall measure of mortgage applications, fell from 568.8 to 600.6 on a seasonally adjusted basis during the week ended June 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 16.3% on the week but were down 63.1% from the level of a year earlier. The Purchase Index rose from 432.2 to 449.5 on a seasonally adjusted basis, while the Refinance Index rose from 1363.2 to 1479.4. Refinancings represented 33.8% of total applications, up from 32.6% the previous week, while adjustable-rate mortgages accounted for 34.7%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.25% to 6.34%, and points (including the origination fee) fell from 1.36 to 1.29 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.