Overall mortgage applications were up 1 percent last week on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index increased by 2.6 percent to 425 from 414.2 the previous week, while the refinance index decreased by 1.6 percent to 1,400.5 from 1,423.9 one week earlier. The refinance share of mortgage activity decreased to 34 percent of total applications from 35 percent the previous week. The adjustable-rate mortgage share of activity decreased to 28.7 percent of total applications from 29.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.81 percent from 6.8 percent, with points including the origination fee decreasing to 1.06 from 1.13 for 80 percent loan-to-value ratio loans. Points, which are fees charged by lenders for loan processing, are expressed as a percent of the total loan amount. The average contract interest rate for 15-year...
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