Apps Jump with Refis Again, But Not as High

While not as huge an increase as in the week prior, refinancings drove another overall rise mortgage applications, according to the Mortgage Bankers Association. The MBA's Market Composite Index increased 3.9% on a seasonally adjusted basis to 1194.4 from 1159.4 for the week ended March 27, according to the group's Weekly Mortgage Applications Survey. During the week, the average contract interest rate for 30-year fixed-rate mortgages fell to a record low for the survey to 4.61% from 4.63%, making it four consecutive weeks with rates under 5%; points (including the origination fee) decreased to 1.03 from 1.13 for loans with 80% loan-to-value ratios, the association said. On an unadjusted basis, the index increased 2.9% compared with the previous week and 68.8% compared with the same week one year earlier. The Purchase Index had a modest increase of 0.1% to 268.0 from 267.8 one week earlier on a seasonally adjusted basis, while the Refinance Index increased 3.7% to 6600.1 from 6363.2 the week prior. Refinancings increased to 79.1% of total applications from 78.5% the previous week, while adjustable-rate mortgages accounted for 1.5% of applications, up from 1.4% the week prior, the MBA said. The MBA can be found online at http://www.mortgagebankers.org.