Industry News

Refinancings drop as rates push past 6%

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Overall mortgage applications increased by 0.5 percent last week on a seasonally adjusted basis, with the number of refinancing applications dropping and the number of purchase applications increasing, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 6.8 percent to 463.5 from 434.1 the previous week. The seasonally adjusted refinance index decreased by 5.8 percent to 2,403 from 2,550.3 one week earlier. The refinance share of mortgage activity decreased to 44 percent of total applications from 47.3 percent the previous week. The adjustable-rate-mortgage share of activity increased to 32.7 percent of total applications from 31.7 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.01 percent from 5.84 percent one week earlier. Points including the origination fee decreased to 1.28 from 1.36 the previous week for 80 percent loan-to-value ratio loans. The average ...