Industry News

Real estate refinancings fall

30-year fixed approaches 4-year high

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Overall mortgage applications dipped 0.2 percent last week on a seasonally adjusted basis from the week before, as the 30-year fixed-rate loan rose to a level not seen since the summer of 2002, the Mortgage Bankers Association reported today. The seasonally adjusted refinance index decreased by 1.9 percent to 1,583.6 from 1,614.4 one week earlier, while the purchase index increased by 1 percent to 403 from 399 the previous week. The refinance share of mortgage activity decreased to 37.7 percent of total applications from 38.5 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.8 percent of total applications from 27.9 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.42 percent from 6.31 percent. Points including the origination fee decreased to 1.14 from 1.22 for 80 percent loan-to-value ratio loans. The 30-year fixed rate has not been this high since July 5, 2002, when it was 6.46 pe...