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by CareyBot

Overall mortgage applications increased 4.9 percent last week on a seasonally adjusted basis from the week before, fueled by a significant drop in interest rates, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index increased by 3.4 percent to 388.9 from 376.2 the previous week, and the refinance index increased by 7.1 percent to 1,518.1 from 1,417.2 one week earlier. The refinance share of mortgage activity increased to 38 percent of total applications from 37 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 27.6 percent of total applications from 27.8 percent the previous week, and is now at its lowest since March 2004. The average contract interest rate for 30-year fixed-rate mortgages dropped to 6.45 per...