Overall mortgage purchases rose 2.8 percent last week on a seasonally adjusted basis, as refinancings reached a seven-month high, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted refinance index increased by 5.1 percent to 3,532.2 from 3,361.9 one week earlier. The seasonally adjusted purchase index decreased by 0.2 percent to 422.6 from 423.5 the previous week.

The refinance share of mortgage activity increased to 56.4 percent of total applications from 55.7 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.8 percent of total applications from 27.1 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages remained at 5.49 percent. Points including the origination fee decreased to 1.32 from 1.39 the previous week 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 4.79 percent one week earlier. Points including the origination fee decreased to 1.28 from 1.35 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages decreased to 3.34 percent from 3.36 percent one week earlier. Points including the origination fee increased to 0.99 from 0.97 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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