Overall mortgage applications fell again last week, down 4.5 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Associations’ weekly survey.
The seasonally adjusted purchase index decreased by 3.6 percent to 470.6 from 488.4 the previous week whereas the refinance index decreased by 5.4 percent to 2,187.8 from 2,313.9 one week earlier.
The refinance share of mortgage activity increased to 43.8 percent of total applications from 43.7 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 27.8 percent of total applications from 28.1 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.73 percent from 5.78 percent. Points including the origination fee increased to 1.21 from 1.2 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.36 percent from 5.41 percent one week earlier. Points including the origination fee remained at 1.19 for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year ARMs increased to 4.88 percent from 4.84 percent one week earlier. Points including the origination fee increased to 1.06 from 1.05 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.
What’s your opinion? Send your Letter to the Editor to email@example.com.