Real estate purchases nudge higher

The number of mortgage purchase applications increased last week while the number of refinance applications continued its decline, according to the Mortgage Bankers Association's weekly survey.

Overall loan applications decreased by 1.2 percent on a seasonally adjusted basis. The MBA seasonally adjusted purchase index increased by 2.2 percent to 459.8 from 449.8 the previous week. The seasonally adjusted refinance index decreased by 6.6 percent to 1,583.6 from 1,694.9 one week earlier.

The refinance share of mortgage activity decreased to 34.3 percent of total applications from 36.2 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 33.9 percent of total applications from 34.6 percent one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.24 percent from 6.26 percent one week earlier. Points including the origination fee remained at 1.35 for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.59 percent from 5.63 percent the previous week. Points including the origination fee increased to 1.38 from 1.36 one week earlier for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages decreased to 3.85 percent from 3.86 percent one week earlier. Points including the origination fee increased to 1.03 from 0.99 the previous week 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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