Apps Inch Up Overall as Refis Fall

The Market Composite Index, an overall measure of mortgage applications, rose from 744.5 to 748.0 on a seasonally adjusted basis during the week ended April 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 1.3% on the week and were down 26.6% from the level of a year earlier. The Purchase Index climbed from 434.1 to 463.5 on a seasonally adjusted basis, while the Refinance Index fell from 2550.3 to 2403.0. Refinancings represented 44.0% of total applications, down from 47.3% the previous week, while adjustable-rate mortgages accounted for 32.7%. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.84% to 6.01%, and points (including the origination fee) fell from 1.36 to 1.28 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.