Industry News

Real estate refis lose steam

Overall home loan activity eases as interest rates rise

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Overall mortgage applications barely budged last week, going down 0.3 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted refinance index decreased 3 percent to 2,250.3 from 2,320.3 one week earlier. The seasonally adjusted purchase index increased by 1.9 percent to 494.5 from 485.1 the previous week. The refinance share of mortgage activity decreased to 41.7 percent of total applications, from 42.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.5 percent of total applications, from 29.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.83 percent from 5.72 percent one week earlier. Points including the origination fee decreased to 1.16 from 1.31 for 80 percent loan-to-value loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.41 percent from 5.32 ...