Overall mortgage purchases climbed 4.9 percent last week on a seasonally adjusted basis, as interest rates fell for the second consecutive week, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted purchase index increased by 2.9 percent to 413.9 from 402.2 the previous week. The seasonally adjusted refinance index increased by 6.4 percent to 3,298.3 from 3,099.1 one week earlier.

The refinance share of mortgage activity decreased to 56.6 percent of total applications from 56.9 percent the previous week. The adjustable-rate-mortgage share of activity increased to 27.1 percent from 26.3 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.46 percent from 5.6 percent one week earlier. Points including the origination fee remained at 1.4 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.78 percent from 4.88 percent one week earlier. Points including the origination fee increased to 1.32 from 1.26 the previous week for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year adjustable-rate mortgages decreased to 3.27 percent from 3.33 percent one week earlier. Points including the origination fee remained at 1 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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