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by CareyBot

Overall mortgage applications were up 1.8 percent last week on a seasonally adjusted basis from the week before, as refinancing activity dropped for the first time since July, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index increased by 3.7 percent to 389.7 from 375.9 the previous week, while the refinance index decreased by 0.9 percent to 1,594.7 from 1,609.2 one week earlier. The refinance share of mortgage activity decreased to 41 percent of total applications from 41.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 26.2 percent of total applications from 26.8 percent the previous week, and is now at its lowest level since October 2003. The average contract interest rate for 30-year fixed-rate mort...