Overall mortgage applications dropped 1.2 percent last week on a seasonally adjusted basis from the week before, as refinancings increased slightly, according to the Mortgage Bankers Association’s weekly survey.
There was an adjustment included in the seasonally adjusted indexes to account for the President’s Day holiday, MBA reported.
The seasonally adjusted purchase index decreased by 1.9 percent to 400.8 from 408.7 the previous week, whereas the refinance index increased by 0.1 percent to 1,573.5 from 1,571.4 one week earlier.
The refinance share of mortgage activity decreased to 38.1 percent of total applications from 38.2 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.3 percent of total applications from 29.1 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.18 percent from 6.22 percent Points including the origination fee decreased to 1.19 from 1.23 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.84 percent from 5.87 percent. Points including the origination fee increased to 1.24 from 1.21 for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 5.64 percent from 5.6 percent Points including the origination fee decreased to 0.99 from 0.97 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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