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by CareyBot

Overall mortgage applications fell 6.8 percent last week on a seasonally adjusted basis from the week before, as refinancings continued to plummet, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted purchase index decreased by 4.5 percent to 432.9 from 453.1 the previous week, whereas the refinance index decreased by 11.2 percent to 1,259.1 from 1,418.1 one week earlier. The refinance share of mortgage activity decreased to 40.2 percent of total applications from 41.7 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 32.5 percent of total applications from 32.6 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.21 percent from 6.22 percent one week earlier....