Mortgage applications were up last week as interest rates fell, according the Mortgage Bankers Association’s latest survey.

The market composite index, a measure of mortgage loan application volume, was 647.5, an increase of 4.3 percent on a seasonally adjusted basis from 620.9 one week earlier. On an unadjusted basis, the index decreased 7.6 percent compared with the previous week and was down 0.1 percent compared with the same week one year earlier.

The seasonally-adjusted refinance index increased by 6.5 percent to 2,022.2 from 1,897.9 the previous week and the purchase index increased by 2.7 percent to 412.9 from 402.2 one week earlier. 

Refinance share of mortgage activity increased to 48 percent of total applications from 46.3 percent the previous week. The refinance share is at its highest level since February 2005. The adjustable-rate mortgage share of activity decreased to 25.5 percent of total applications from 26.4 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.15 percent from 6.24 percent, with points including origination fee decreasing to 0.98 from 1.08 for 80 percent loan-to-value ratio loans. The 30-year rate is at its lowest since January 2006.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.85 percent from 5.96 percent, with points including origination fee increasing to 1 from 0.97 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year ARMs decreased to 5.87 percent from 5.89, with points including origination fee decreasing to 0.78 from 0.8 for 80 percent loan-to-value ratio loans.

Last week’s survey was based on shortened data due to the observance of Veteran’s Day.

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