Overall mortgage applications dipped 0.2 percent last week on a seasonally adjusted basis from the week before, as the 30-year fixed-rate loan rose to a level not seen since the summer of 2002, the Mortgage Bankers Association reported today.

The seasonally adjusted refinance index decreased by 1.9 percent to 1,583.6 from 1,614.4 one week earlier, while the purchase index increased by 1 percent to 403 from 399 the previous week.

The refinance share of mortgage activity decreased to 37.7 percent of total applications from 38.5 percent the previous week. The adjustable-rate-mortgage share of activity increased to 28.8 percent of total applications from 27.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.42 percent from 6.31 percent. Points including the origination fee decreased to 1.14 from 1.22 for 80 percent loan-to-value ratio loans. The 30-year fixed rate has not been this high since July 5, 2002, when it was 6.46 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.06 percent from 5.97 percent. Points including the origination fee decreased to 1.19 from 1.22 for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year ARMs decreased to 5.64 percent from 5.69 percent. Points including the origination fee remained 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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