Overall mortgage applications decreased by 5.6 percent last week on a seasonally adjusted basis and the number of refinancing applications dropped by more than 10 percent, according to the Mortgage Bankers Association’s weekly survey.
The MBA seasonally adjusted purchase index decreased by 0.4 percent to 434.1 from 432.2 the previous week. The seasonally adjusted refinance index decreased by 10.9 percent to 2,550.3 from 2,861.6 one week earlier.
The refinance share of mortgage activity decreased to 47.3 percent of total applications from 50.4 percent the previous week. The adjustable-rate-mortgage share of activity increased to 31.7 percent of total applications from 29.4 percent one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.84 from 5.77 one week earlier. Points including the origination fee increased to 1.36 from 1.33 the previous week for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.16 percent from 5.08 percent the previous week. Points including the origination fee decreased to 1.32 from 1.45 one week earlier for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 3.58 percent from 3.53 percent one week earlier. Points including the origination fee increased to 0.98 from 0.97 the previous week 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.
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