Industry News

Real estate refinancings tumble for fourth week

Overall mortgage purchases hold steady

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Overall mortgage applications dipped just 0.6 percent last week on a seasonally adjusted basis from the week before, while refinancings posted a monthlong decline, according to the Mortgage Bankers Association's latest survey. The seasonally adjusted figures include an additional adjustment for Veteran's Day. The seasonally adjusted purchase index increased by 2.6 percent to 477.9 from 465.7 the previous week, whereas the refinance index decreased by 5.4 percent to 1,702.4 from 1,798.8 one week earlier. The refinance index has now decreased for the fourth consecutive week, MBA reported. The refinance share of mortgage activity decreased to 40.4 percent of total applications from 41.7 percent the previous week. The adjustable-rate-mortgage share of activity increased to 32.9 percent of total applications from 31.6 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.33 percent from 6.31 percent one week earlier. Points i...