Industry News

Real estate purchases cool for third week

Rates rise, refinancings lose market share

Overall mortgage applications fell for the third consecutive week in the Mortgage Bankers Association's latest survey, down 7.3 percent on a seasonally adjusted basis from the week before. The seasonally adjusted purchase index decreased by 7.9 percent to 391.7 from 425.1 the previous week, and the refinance index decreased by 6.5 percent to 1,636.7 from 1,751 one week earlier. The refinance share of mortgage activity decreased to 41.2 percent of total applications from 42.1 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 29.6 percent of total applications from 29.8 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages remained at 6.25 percent, with points including the origination fee increasing to 1.34 from 1.23 for 80 percent loan-to-value ratio loans.  The average contract interest rate for 15-year fixed-rate mortgages increased to 5.92 percent from 5.84 percent. Points including the origi...