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by CareyBot

Overall mortgage applications dropped 1.1 percent last week on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted purchase index decreased by 1.9 percent to 473.8 from 483.1 the previous week, while the refinance index increased by 0.1 percent to 2,107.4 from 2,106.6 one week earlier. The refinance share of mortgage activity increased to 44.5 percent of total applications from 43.9 percent the previous week. The adjustable-rate-mortgage share of activity increased to 29.8 percent of total applications from 28.8 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.94 percent from 5.85 percent one week earlier. Points including the originatio...