Despite a seasonally adjusted decline in overall mortgage applications last week, refinancings posted gains, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted refinance index increased by 3.6 percent to 2,233.8 from 2,155.2 one week earlier. The seasonally adjusted purchase index decreased by 4.4 percent to 440.9 from 461.4 the previous week. The refinance share of mortgage activity increased to 47.7 percent of total applications from 45.6 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.9 percent of total applications from 34.8 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.54 percent from 5.64 percent one week earlier. Points including the origination fee increased to 1.35 from 1.3 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.9 percent from...
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