Industry News

Real estate purchases drop

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The number of mortgage purchase applications decreased last week by 8.9 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 6 percent to 432.2 from 459.8 the previous week. The seasonally adjusted refinance index decreased by 13.9 percent to 1,363.2 from 1,583.6 one week earlier. The refinance index is down 86.3 percent from the record high of 9,977.8 set exactly one year ago. The refinance share of mortgage activity decreased to 32.6 percent of total applications from 34.3 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.6 percent of total applications from 33.9 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.25 percent from 6.24 percent one week earlier. Points including the origination fee increased to 1.41 from 1.35 the previous week for 80 percent loan-to-value ratio lo...