Industry News

Real estate purchases drop

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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 i...