Overall mortgage applications dropped 1.1 percent last week on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association’s weekly survey.

The seasonally adjusted purchase index decreased by 1.9 percent to 473.8 from 483.1 the previous week, while the refinance index increased by 0.1 percent to 2,107.4 from 2,106.6 one week earlier.

The refinance share of mortgage activity increased to 44.5 percent of total applications from 43.9 percent the previous week. The adjustable-rate-mortgage share of activity increased to 29.8 percent of total applications from 28.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.94 percent from 5.85 percent one week earlier. Points including the origination fee increased to 1.21 from 1.19 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.55 percent from 5.44 percent one week earlier. Points including the origination fee decreased to 1.15 from 1.23 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year adjustable-rate mortgages increased to 5.13 percent from 5.02 percent one week earlier. Points including the origination fee decreased to 0.98 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.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're giving away 3 free ICLV tickets at Connect Now next week. Register and attend live for your chance to win!REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription