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by CareyBot

Overall mortgage applications fell again last week, down 4.5 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Associations' weekly survey. The seasonally adjusted purchase index decreased by 3.6 percent to 470.6 from 488.4 the previous week whereas the refinance index decreased by 5.4 percent to 2,187.8 from 2,313.9 one week earlier. The refinance share of mortgage activity increased to 43.8 percent of total applications from 43.7 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 27.8 percent of total applications from 28.1 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.73 percent from 5.78 percent. Points including the origination fee increa...