Industry News

Real estate purchases surge

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Overall mortgage applications reversed a two-week decline last week, rising 16.2 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 increased by 14 percent to 448.1 from 393.1 the previous week. The seasonally adjusted refinance index increased by 19.1 percent to 2,048.6 from 1,720.5 one week earlier.   The refinance share of mortgage activity decreased to 48.9 percent of total applications from 49 percent the previous week. The adjustable-rate-mortgage share of activity increased to 32.8 percent from 32.7 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.64 percent from 5.7 percent one week earlier. Points including the origination fee decreased to 1.23 from 1.32 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decrease...