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by CareyBot

Overall mortgage applications dropped 1.5 percent last week on a seasonally adjusted basis from the week before, marking a monthlong decline, while refinancings began to pick up, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index decreased by 3.4 percent to 418.3 from 432.9 the previous week whereas the refinance index increased by 8.3 percent to 1,363.2 from 1,259.1 one week earlier. The refinance share of mortgage activity increased to 42.7 percent of total applications from 40.2 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.8 percent of total applications from 32.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.15 percent from 6.21 percent ...