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by CareyBot

Despite a drop in interest rates, overall mortgage applications fell 7.9 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 7.4 percent to 466.4 from 503.9 the previous week whereas the refinance index decreased by 8.5 percent to 1,916.8 from 2,095.7 one week earlier. The refinance share of mortgage activity decreased to 42.5 percent of total applications from 42.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 29.5 percent of total applications from 29.3 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.06 percent from 6.09 percent one week earlier....