Industry News

Real estate loan applications climb

Refinance share of mortgage activity increases

Overall loan applications increased last by 5.6 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 4 percent to 449.5 from 432.2 the previous week. The seasonally adjusted refinance index increased by 8.5 percent to 1,479.4 from 1,363.2 one week earlier. The refinance share of mortgage activity increased to 33.8 percent of total applications from 32.6 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.7 percent of total applications from 34.6 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.34 percent from 6.25 percent one week earlier. Points including the origination fee decreased to 1.29 from 1.36 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.73 percent from 5.63 percent the pre...