Industry News

Borrowers hold off on real estate purchases

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Overall mortgage applications fell 5.8 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 0.6 percent to 460.3 from 463.3 the previous week. The seasonally adjusted refinance index decreased by 12.3 percent to 1,912.3 from 2,179.3 one week earlier.  The refinance share of mortgage activity decreased to 46.4 percent of total applications from 48.4 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 32.3 percent from 34 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.78 percent from 5.64 percent one week earlier. Points including the origination fee decreased to 1.25 from 1.36 the previous week for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages increased to 5.17 percent from 5.08 percent one week...