Industry News

Real estate purchases drop

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Overall mortgage applications continued their downward trend last week, falling 3 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 5.8 percent to 393.1 from 417.3 the previous week. The seasonally adjusted refinance index increased by 1.1 percent to 1,720.5 from 1,701.3 one week earlier.  The refinance share of mortgage activity increased to 49 percent of total applications from 48 percent the previous week. The adjustable-rate-mortgage share of activity increased to 32.7 percent from 32.6 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.7 percent from 5.67 percent one week earlier. Points including the origination fee decreased to 1.32 from 1.35 the previous week for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages in...