Industry News

Real estate refinancings plummet

Sinking interest rates fail to influence borrowers

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Overall mortgage applications declined 5.7 percent last week on a seasonally adjusted basis after a surge the week before, with refinancings taking the biggest hit, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted refinance index decreased by 9.7 percent to 1,441.8 from 1,596.4 one week earlier, and the purchase index decreased by 3.5 percent to 477.9 from 495.1 the previous week. The refinance share of mortgage activity decreased to 40.2 percent of total applications from 41 percent the previous week. The adjustable-rate-mortgage share of activity increased to 33.5 percent of total applications from 33.1 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.28 percent from 6.32 percent one week earlier. Points including the origination fee decreased to 1.24 from 1.3 for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages decreas...