Real estate purchases drop

Overall mortgage purchases declined by 2.1 percent last week on a seasonally adjusted basis, while interest rates nudged upward, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index decreased by 1.1 percent to 443.8 from 448.9 the previous week. The seasonally adjusted refinance index decreased by 2.6 percent to 4,857.6 from 4,988.7 one week earlier.

The refinance share of mortgage activity decreased to 62.8 percent of total applications, down from 63.1 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 27.5 percent of total applications from 28.1 percent one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.49 percent from 5.38 percent one week earlier. Points including the origination fee increased to 1.29 from 1.24 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.75 percent from 4.64 percent the previous week. Points including the origination fee decreased to 1.31 from 1.41 one week earlier for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages remained at 3.3 percent, with points including the origination fee remaining at 0.98 from one week earlier for 80 percent loan-to-value ratio loans.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.

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