Overall mortgage applications inched up slightly last week, going up 1.2 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index went down by 0.1 percent to 488.7 from 489.0 the previous week. The seasonally adjusted refinance index increased 2.5 percent to 2618.2 from 2554.3 one week earlier. The refinance share of mortgage activity increased to 45.7 percent of total applications, from 45.1 percent the previous week. The adjustable-rate mortgage share of activity increased to 28.5 percent of total applications, from 27.9 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.62 percent...
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