Overall loan applications dropped by 6.3 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted purchase index decreased by 6.4 percent to 468.8 from 500.9 the previous week. The seasonally adjusted refinance index decreased by 6.1 percent to 1,662.4 from 1,769.7 one week earlier.

The refinance share of mortgage activity remained at 35.8 percent of total applications. The adjustable-rate-mortgage share of activity decreased to 31.5 percent of total applications from 34.1 percent one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.95 percent from 5.96 percent the previous week. Points including the origination fee decreased to 1.35 from 1.37 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.36 percent from 5.39 percent. Points including the origination fee decreased to 1.23 from to 1.31 one week earlier for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages increased to 3.93 percent from 3.9 percent one week earlier. Points including the origination fee decreased to 1.06 from 1.12 the previous week for 80 percent loan-to-value ratio loans.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.

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