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by CareyBot

Overall home loan application volume continued to fall last week, impacted by another drop in refinancing activity, the Mortgage Bankers Association reported today. The market composite index, a measure of mortgage application volume, dipped 0.2 percent, falling to 671 last week on a seasonally adjusted basis from 672.1 the week before. Borrowers decided to buy last week instead of refinance, as the index that tracks home purchases edged up 0.1 percent from mid-month while the refinance index lost 0.5 percent. Both refis and adjustable-rate mortgages (ARMs) continued to lose market share, with refis dropping to 45.1 percent of total applications and ARMs slipping to 20.2 percent. Borrowing costs across all loan types were also down, as the average contract interest rate on the 30-year fixe...