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by CareyBot

Overall mortgage applications dipped 0.6 percent last week on a seasonally adjusted basis from the week before, while refinancings increased for the fourth consecutive week, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted refinance index increased by 0.1 percent to 2,532 from 2,530.1 one week earlier. The seasonally adjusted purchase index decreased by 1.3 percent to 417.8 from 423.3 the previous week. The refinance share of mortgage activity decreased to 49.3 percent of total applications from 49.9 percent the previous week. The adjustable-rate-mortgage share of activity remained at 30.7 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.67 percent from 5.5 percent one week earlier...