Apps Jump Again

The Market Composite Index, an overall measure of mortgage applications, jumped to 1417.8 on a seasonally adjusted basis during the week ended May 9 from 1246.6 the week before, while the Refinance Index rose above the 7000 level, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 13.3% on the week and 155.0% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index declined slightly from a record high of 416.0 to 415.2, and the Refinance Index surged from 6077.8 to 7250.0. Refinancings represented 72.4% of total applications, up from 68.7% the previous week, while adjustable-rate mortgages accounted for 12.7%. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.53% to a survey-record low of 5.27%, and points (including the origination fee) decreased from 1.50 to 1.43 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.