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MBA: Mortgage applications up 0.4%

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MBA: Mortgage applications up 0.4%

Mortgageapplications were up 0.4% on a seasonally adjusted basis in the week ended May6, compared to the previous week, the Mortgage Bankers Association reported.

Themarket composite index, which measures mortgage loan application volume, was up1% on an unadjusted basis from the week ago period.

Theseasonally adjusted purchase index inched up 0.4% from the previous week andwas up 1% week over week on an unadjusted basis. The unadjusted purchase indexwas 14% above the year-ago level for the same period.

Therefinance index was up 0.5% from the week-ago level.

Therefinance share of mortgage activity ticked down to 52.8% from 52.9%, while theadjustable-rate mortgage activity comprised 5.7%, an increase over the previousweek.