Industry News

Real estate refinancings gain market share

New purchase loans drop

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Overall mortgage applications fell 0.5 percent on a seasonally adjusted basis from the week before, despite the third consecutive week of increased refinancings, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted refinance index increased by 4.1 percent to 2,530.1 from 2,430.7 one week earlier.The seasonally adjusted purchase index decreased by 4.8 percent to 423.3 from 444.6 the previous week. The refinance share of mortgage activity increased to 49.9 percent of total applications from 48.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 30.7 percent from 31.9 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.5 percent from 5.48 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 mor...