The Market Composite Index, an overall measure of mortgage applications, fell from 780.9 to 742.2 on a seasonally adjusted basis during the week ended May 7, while the ARM share of applications reached the highest level in nearly 10 years, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 4.1% on the week and were down 45.2% from the level of a year earlier. The Purchase Index climbed from 482.5 to 494.3 on a seasonally adjusted basis, while the Refinance Index fell from 2516.0 to 2184.6. Refinancings represented 39.8% of total applications, down from 44.0% the previous week, while adjustable-rate mortgages accounted for 34.8%, the highest percentage since the 35.5% recorded in the week ended Dec. 2, 1994, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.10% to 6.32%, and points (including the origination fee) rose from 1.38 to 1.44 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.

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