Overall mortgage applications slipped 0.7 percent last week on a seasonally adjusted basis from the week before, as refinancings picked up for the second consecutive week, according to the Mortgage Bankers Association’s weekly survey.

The seasonally adjusted purchase index decreased by 2.2 percent to 488.4 from 499.3 the previous week whereas the refinance index increased by 1.2 percent to 2,313.9 from 2,285.5 one week earlier.

The refinance share of mortgage activity increased to 43.7 percent of total applications from 42.4 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.1 percent of total applications from 28.9 percent the previous week. The ARM share is down from a 2005 high of 36.6 percent seen during the week of March 25.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.78 percent from 5.79 percent. Points including the origination fee decreased to 1.2 from 1.22 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.41 percent from 5.4 percent one week earlier. Points including the origination fee decreased to 1.19 from 1.25 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year ARMs decreased to 4.84 percent from 4.85 percent one week earlier. Points including the origination fee increased to 1.05 from 1.01 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. The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

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