Despite falling interest rates, overall mortgage purchases climbed just 1.2 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted purchase index increased by 1.4 percent to 428.6 from 422.6 the previous week. The seasonally adjusted refinance index increased by 1 percent to 3,567.6 from 3,532.2 one week earlier.

The refinance share of mortgage activity decreased to 56.1 percent of total applications from 56.4 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.1 percent of total applications from 28.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.34 percent from 5.49 percent one week earlier. Points including the origination fee increased to 1.35 from 1.32 the previous week for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.62 percent from 4.78 percent one week earlier. Points including the origination fee decreased to 1.18 from 1.28 the previous week for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year adjustable-rate mortgages decreased to 3.2 percent from 3.34 percent one week earlier. Points including the origination fee decreased to 0.96 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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