Industry News

Real estate purchases rise

Refinancings drop slightly

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Overall mortgage applications increased 3.4 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 6.6 percent to 490.9 from 460.3 the previous week. The seasonally adjusted refinance index decreased by 1.1 percent to 1,890.6 from 1,912.3 from one week earlier. The refinance share of mortgage activity decreased to 45.6 percent of total applications from 46.4 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.5 percent from 32.3 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.68 percent from 5.78 percent one week earlier. Points including the origination fee increased to 1.27 from 1.25 the previous week for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.09 percent from 5.17 percent one ...