Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 653.3 to 657.2 on a seasonally adjusted basis during the week ended April 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 1.4% on the week and were up 9.4% from the level recorded a year earlier. The Purchase Index rose from 411.0 to 427.3 on a seasonally adjusted basis, while the Refinance Index fell from 2081.6 to 2015.8. Refinancings represented 41.5% of total applications, down from 43.4% the previous week, while adjustable-rate mortgages accounted for 17.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.13% to 6.14%, and points (including the origination fee) fell from 1.32 to 1.31 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.