Overall mortgage applications fell 1.8 percent last week on a seasonally adjusted basis from the week before, as refinancings dropped for the sixth consecutive week, the Mortgage Bankers Association reported today.
The seasonally adjusted refinance index decreased by 6.3 percent to 1,484.3 from 1,584.1 the previous week, while the purchase index increased by 0.8 percent to 476.2 from 472.3 one week earlier. The indexes include an additional adjustment to account for the Thanksgiving holiday.
The refinance share of mortgage activity decreased to 39.1 percent of total applications from 39.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 33 percent of total applications from 33.2 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.2 percent from 6.26 percent one week earlier. Points including the origination fee increased to 1.17 from 1.11 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.72 percent from 5.83 percent. Points including the origination fee increased to 1.26 from 1.12 for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages decreased to 5.39 percent from 5.41 percent one week earlier. Points including the origination fee decreased to 0.96 from 0.99 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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