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by CareyBot

Overall mortgage purchases declined by 0.2 percent last week on a seasonally adjusted basis, but the volume of refinance applications was at its highest point in eight months, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted refinance index increased by 0.1 percent to 4,988.7 from 4,983.7 one week earlier. The seasonally adjusted purchase index decreased by 0.8 percent to 448.9 from 452.4 the previous week. The refinance share of mortgage activity increased to 63.1 percent of total applications, up from 62.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.1 percent of total applications from 27.9 the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.38 pe...