Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 617.9 to 621.4 on a seasonally adjusted basis during the week ended July 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications crept up 0.6% on the week but were down 34.7% from the level of a year earlier. The Purchase Index rose from 440.3 to 444.8 on a seasonally adjusted basis, while the Refinance Index declined from 1651.1 to 1648.8. Refinancings represented 36.8% of total applications, down from 37.1% the previous week, while adjustable-rate mortgages accounted for 33.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages crept up from 5.96% to 5.97%, and points (including the origination fee) remained unchanged, at 1.32, for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.