Industry News

Real estate purchases rebound

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Overall mortgage applications were up 5.2 percent last week on a seasonally adjusted basis from the week before, with refinancings posting the largest increase, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted refinance index increased by 7 percent to 1,596.4 from 1,484.3 one week earlier, while the purchase index increased by 4 percent to 495.1 from 476.2 the previous week. The refinance share of mortgage activity increased to 41 percent of total applications from 39.1 percent the previous week. The adjustable-rate-mortgage share of activity increased to 33.1 percent of total applications from 33 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.32 percent from 6.2 percent one week earlier. Points including the origination fee increased to 1.3 from 1.17 for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages increased to 5....