Overall mortgage applications last week rose 4.2 percent on a seasonally adjusted basis from the week before, as borrowers rushed to refinance, according to the Mortgage Bankers Association’s weekly survey.

The MBA seasonally adjusted refinance index increased by 7.8 percent to 2,430.7 from 2,253.9 one week earlier. The seasonally adjusted purchase index increased by 1 percent to 444.6 from 440.3 the previous week.

The refinance share of mortgage activity increased to 48.9 percent of total applications from 48.7 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 31.9 percent from 32.5 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.48 percent from 5.61 percent one week earlier. Points including the origination fee decreased to 1.25 from 1.27 the previous week for 80 percent loan-to-value ratio loans.  

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.06 percent from 5.1 percent one week earlier. Points including the origination fee decreased to 1.17 from 1.27 for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year adjustable-rate mortgages increased to 4.24 percent from 4.08 percent one week earlier. Points including the origination fee decreased to 0.99 from 1.1 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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