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by CareyBot

Overall mortgage applications decreased by 5 percent last week on a seasonally adjusted basis, but the adjustable-rate-mortgage share of activity reached its highest level in nearly 10 years, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 2.4 percent to 494.3 from 482.5 the previous week. The seasonally adjusted refinance index decreased by 13.2 percent to 2,184.6 from 2,516 one week earlier. The refinance share of mortgage activity decreased to 39.8 percent of total applications from 44 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.8 percent of total applications from 32.1 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages increas...