Overall mortgage applications increased by 7.9 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 5.8 percent to 461.4 from 436.3 the previous week. The seasonally adjusted refinance index increased by 10.6 percent to 2,155.2 from 1,949.2 one week earlier. The refinance share of mortgage activity increased to 45.6 percent of total applications from 44.5 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 34.8 percent of total applications from 34.9 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.64 percent from 5.69 percent one week earlier. Points including the origination fee remained at 1.3 for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.03 percent from 5.06 percent one week e...
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