Overall mortgage applications slid for the second consecutive week, dropping 1.2 percent on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index decreased by 2.4 percent to 425.1 from 435.7 the previous week, while the refinance index increased by 0.2 percent to 1,751 from 1,747.2 one week earlier.

The refinance share of mortgage activity decreased to 42.1 percent of total applications from 43 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 29.8 percent of total applications from 30.5 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.25 percent from 6.2 percent one week earlier. Points including the origination fee increased to 1.23 from 1.17 for 80 percent loan-to-value ratio loans.  

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.84 percent from 5.79 percent. Points including the origination fee increased to 1.28 from 1.22 for 80 percent loan-to-value ratio loans.  

The average contract interest rate for one-year adjustable-rate mortgages remained at 5.48 percent, with points also remaining unchanged at 0.96 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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