Industry News

Real estate refinancings surge

Mortgage rates slip for sixth week
Published on Jan 18, 2006

Another boost in refinancings last week pushed overall mortgage activity up 2.2 percent on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today. The seasonally adjusted refinance index increased by 9.9 percent to 1,645.2 from 1,497.5 one week earlier whereas the purchase index decreased by 3 percent to 443.9 from 457.4 the previous week. The refinance share of mortgage activity increased to 44 percent of total applications from 42.2 percent the previous week. The adjustable-rate-mortgage share of activity increased to 30.6 percent of total applications from 28.1 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.07 percent from 6.08 percent one week earlier. Points including the origination fee remained at 1.23 for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.64 percent from 5.66 percent. Points in...

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