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by CareyBot

Overall mortgage applications dropped by 4.5 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 2.7 percent to 483 from 496.5 the previous week. The seasonally adjusted refinance index decreased by 6.7 percent to 2,148.7 from 2,303.9 one week earlier. The refinance share of mortgage activity decreased to 45.2 percent of total applications from 45.7 percent the previous week. The adjustable-rate-mortgage share of activity increased to 35.3 percent of total applications from 34.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.69 percent from 5.65 percent one week earlier. Points including the origination fee...