Industry News

Real estate loan purchases slip

Mortgage rates hold steady last week

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Overall mortgage applications decreased 0.2 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 1.6 percent to 452 from 444.8 the previous week. The seasonally adjusted refinance index decreased by 2.9 percent to 1,600.3 from 1,648.8 one week earlier. The refinance share of mortgage activity decreased to 35.8 percent of total applications from 36.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 33.5 percent of total applications from 33.3 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages remained at 5.97 percent. Points including the origination fee increased to 1.48 from 1.32 for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages remained at 5.33 percent. Points including the origination fee increased to 1.51 from 1.41 the pr...