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by CareyBot

Overall mortgage purchases climbed 4.9 percent last week on a seasonally adjusted basis, as interest rates fell for the second consecutive week, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 2.9 percent to 413.9 from 402.2 the previous week. The seasonally adjusted refinance index increased by 6.4 percent to 3,298.3 from 3,099.1 one week earlier. The refinance share of mortgage activity decreased to 56.6 percent of total applications from 56.9 percent the previous week. The adjustable-rate-mortgage share of activity increased to 27.1 percent from 26.3 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.46 percent from 5.6 percent one week earlier. Points i...