Overall mortgage applications dropped slightly last week, decreasing 1.7 from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted refinance index decreased by 7.9 percent to 1,803.9 from 1,958.2 one week earlier. The seasonally adjusted purchase index increased by 2.7 percent to 483.8 from 471.1 the previous week.

The refinance share of mortgage activity decreased to 46.2 percent of total applications from 48.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 33.8 percent from 34.4 percent total applications.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.69 percent one week earlier. Points including the origination fee decreased to 1.33 from 1.39 the previous week for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.12 from 5.11 percent one week earlier. Points including the origination fee increased to 1.32 from 1.28 for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages decreased to 4.05 from 4.15 percent one week earlier. Points including the origination fee remained at 0.98 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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