Industry News

Real estate refinancings jump

Purchase loans suffer as rates rise

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Overall mortgage applications inched up 0.7 percent last week on a seasonally adjusted basis from the week before, taken higher by refinancing activity, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted purchase index decreased by 0.4 percent to 399 from 400.8 the previous week, whereas the refinance index increased by 2.6 percent to 1,614.4 from 1,573.5 one week earlier. The refinance share of mortgage activity increased to 38.5 percent of total applications from 38.1 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 27.9 percent of total applications from 28.3 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.31 percent from 6.18 percent. Points including the origination fee increased to 1.22 from 1.19 for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages increased to 5.97 percent from ...