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by CareyBot

Despite a dip in mortgage rates, overall home loan applications fell 4.6 percent last week on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index decreased by 6.2 percent to 398.5 from 425 the previous week, and the refinance index decreased by 1.6 percent to 1,377.6 from 1,400.5 one week earlier. The refinance share of mortgage activity increased to 35 percent of total applications from 34 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29 percent of total applications from 28.7 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.73 percent from 6.81 percent, with points including the origination fe...