Overall mortgage applications dropped 0.7 percent last week on a seasonally adjusted basis, despite a decrease in mortgage rates, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted purchase index decreased by 2.7 percent to 440 from 452 the previous week. The seasonally adjusted refinance index increased by 2.5 percent to 1,640.5 from 1,600.3 one week earlier.

The refinance share of mortgage activity increased to 37.2 percent of total applications from 35.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.2 percent of total applications from 33.5 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.8 percent from 5.97 percent one week earlier. Points including the origination fee decreased to 1.24 from 1.48 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.16 percent from 5.33 percent one week earlier. Points including the origination fee decreased to 1.39 from 1.51 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages decreased to 3.85 percent from 3.9 percent one week earlier. Points including the origination fee decreased to 1.02 from 1.17 from 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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