Overall mortgage applications rose 7.3 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 increased by 0.3 percent to 440.3 from 439 the previous week. The seasonally adjusted refinance index increased by 16.6 percent to 2,253.9 from 1,932.8 one week earlier.

 

The refinance share of mortgage activity increased to 48.7 percent of total applications from 46.5 percent the previous week. The adjustable-rate-mortgage share of activity increased to 32.5 percent from 31.7 percent of total applications.

 

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.61 percent from 5.58 percent one week earlier. Points including the origination fee increased to 1.27 from 1.22 the previous week for 80 percent loan-to-value ratio loans.

 

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.10 percent from 5.03 percent one week earlier. Points including the origination fee increased to 1.27 from 1.22 for 80 percent loan-to-value loans.

 

The average contract interest rate for one-year adjustable rate mortgages decreased to 4.08 percent from 4.21 percent one week earlier, with points increasing to 1.10 from 1.07 (including the origination fee) for 80 percent LTV loans.

 

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.

 

***

 

Send news tips or a letter to the editor to opinion@inman.com.

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