Industry News

Real estate purchases sink

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Overall mortgage purchases declined by 7.2 percent last week on a seasonally adjusted basis as interest rates continued upward for the second consecutive week, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 7.6 percent to 477.5 from 443.8 the previous week. The seasonally adjusted refinance index decreased by 15 percent to 4,126.7 from 4,857.6 one week earlier. The refinance share of mortgage activity decreased to 57.1 percent of total applications from 62.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.8 percent of total applications from 27.5 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.75 from 5.49 one week earlier. Points including the origination fee decreased to 1.27 from 1.29 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mort...