The Market Composite Index, an overall measure of mortgage applications, rose from 699.2 to 729.6 on a seasonally adjusted basis during the week ended May 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 4.0% on the week and were up 14.9% from their level of a year earlier. The Purchase Index rose from 469.3 to 482.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2036.7 to 2167.9. Refinancings represented 40.3% of total applications, up from 39.3% the previous week, while adjustable-rate mortgages accounted for 34.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.73% to 5.63%, and points (including the origination fee) increased from 1.17 to 1.27 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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