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by CareyBot

Overall mortgage applications slid 1.4 percent last week on a seasonally adjusted basis from the week before, fueled by a significant drop in refinancings, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted refinance index decreased by 6.7 percent to 2,198.7 from 2,357.1 one week earlier, while the purchase index increased by 2.9 percent to 513.4 from 499.1 the previous week. The refinance share of mortgage activity decreased to 42.9 percent of total applications from 44.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.2 percent of total applications from 26.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.64 percent one week ear...