The number of refinance applications continued its steady decline, dropping by 6.7 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.
Overall loan applications decreased by 3.3 percent on a seasonally adjusted basis. The MBA seasonally adjusted purchase index decreased by 1 percent to 449.8 from 454.2 the previous week. The seasonally adjusted refinance index decreased to 1,694.9 from 1,816.9 one week earlier.
The refinance share of mortgage activity decreased to 36.2 percent of total applications from 37.4 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 34.6 percent of total applications from 35.2 percent one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.26 percent from 6.21 percent one week earlier. Points including the origination fee decreased to 1.35 from 1.39 the previous week for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.63 percent from 5.58 percent the previous week. Points including the origination fee decreased to 1.36 from 1.4 one week earlier for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 3.86 percent from 3.75 percent one week earlier. Points including the origination fee decreased to 0.99 from 1.02 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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