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Borrowers put money in real estate

Loan applications surge as mortgage rates fall

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Overall loan applications increased 19.5 percent last week, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 15 percent to 500.9 from 435.4 the previous week. The seasonally adjusted refinance index increased by 27.6 percent to 1,769.7 from 1,386.9 one week earlier. The refinance share of mortgage activity increased to 35.8 percent of total applications from 33.4 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.1 percent of total applications from 33.9 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.96 percent from 6.21 percent the previous week. Points including the origination fee increased to 1.37 from 1.3 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.39 percent from 5.61 percent. Points including the origination fee...