For the first time since the week of May 15 the Mortgage Bankers Association Weekly Applications Survey Market Composite Index increased.

The MCI, an overall measure of mortgage applications, was 548.2, an increase of 6.6% on a seasonally adjusted basis for the week ending June 19, when compared with 514.4 one week earlier.

The refinance index increased 5.9% to 2116.3 from 1998.1 the previous week and the seasonally adjusted Purchase Index increased 7.3% to 280.3 from 261.2 one week earlier. On an unadjusted basis, the index increased 6% compared with the previous week and increased 17.2% compared with the same week one year earlier.

There was a very tiny decline in the share of refi applications to 54%, down from 54.1% the previous week, while the share of adjustable-rate mortgages applications, dropped to 4.1% from 4.3% for the previous week, the MBA said.

There was a decrease in the average contract interest rate for 30-year fixed-rate mortgages to 5.44% from 5.5%, with points (including the origination fee) dropping 20 basis points to 0.98 from 0.89 for loans with 80% loan-to-value ratios, according to the association. The MBA can be found online at http://www.mortgagebankers.org.

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