Industry News

Real estate purchases cool

Interest rates drop slightly

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The number of mortgage applications remained virtually unchanged from last week, declining just 0.6 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 0.1 percent to 443.1 from 443.7 the previous week. The seasonally adjusted refinance index decreased by 1.1 percent to 1,804.1 from 1,824.9 one week earlier. The refinance share of mortgage activity decreased to 40.7 percent of total applications from 40.4 percent the previous week. The adjustable-rate-mortgage share of activity increased to 33.1 percent of total applications from 32.1 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.75 percent from 5.78 percent one week earlier. Points including the origination fee decreased to 1.32 from 1.37 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortga...