Industry News

Real estate loan applications drop

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Mortgage applications declined 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 5 percent to 443.7 percent from 467.1 the previous week. The seasonally adjusted refinance index decreased by 8 percent to 1,824.9 from 1,982.7 one week earlier, after climbing nearly 21 percent two weeks ago. The refinance share of mortgage activity decreased to 40.4 percent of total applications from 40.7 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 32.1 percent of total applications from 33.6 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.78 percent from 5.75 percent one week earlier. Points including the origination fee decreased to 1.37 percent from 1.45 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortg...