Despite a drop in purchase applications, an increase in refinancings last week hiked overall mortgage application volume by 0.1 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted refinance index increased by 5.7 percent to 1,958.2 from 1,852.4 one week earlier. The seasonally adjusted purchase index decreased by 3.6 percent to 471.1 from 488.9 the previous week.

The refinance share of mortgage activity increased to 48.9 percent of total applications from 46 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.4 percent from 34.2 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.69 percent from 5.65 percent one week earlier. Points including the origination fee increased to 1.39 from 1.28 the previous week for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.11 percent from 5.04 percent one week earlier. Points including the origination fee increased to 1.28 from 1.24 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year adjustable-rate mortgages increased to 4.15 percent from 4.1 percent one week earlier. Points including the origination fee decreased to 0.98 from 0.99 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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