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WASHINGTON, DC-The Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America for the week ending June 8 finds that the market composite index of mortgage loan applications increased 6.1% to 553.3 on a seasonally adjusted basis from 521.5 the previous week. The numbers on an unadjusted basis show that the application index increased 31.3% and was up 73% compared to the same week a year earlier.

There was a decrease from 344.1 to 342.9 in the seasonally adjusted Purchase Index. The seasonally adjusted Refinance Index increased to 1776.9 from 1553.6. The seasonally adjusted Conventional Index increased to 714.4 from 665.0 the previous week. The seasonally adjusted Government Index also increased to 284.3 from 282.3 the previous week.

The survey found that refinancing represented 44.8% of total applications, increasing from 41.1% the previous week. ARM activity increased to 10.4% from 10.1% the previous week.

It also found the average contract interest rate for 30-year fixed rate mortgages was 7.12%, decreasing from 7.16% the previous week, with points increasing to 1.30 from 1.28 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The average contract interest rate for 1-year ARMs was 5.68%,remaining the same as the previous week, with points increasing to 1.20 from 1.12 the previous week (including the origination fee) for 80% LTV loans.

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