Applications for mortgage refinancings continued to increase last week while overall mortgage applications increased by only 0.1 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association’s weekly survey.
The seasonally adjusted refinance index increased by 2.7 percent to 2,270.8 from 2,211.1 one week earlier. The MBA seasonally adjusted purchase index increased by 2.2 percent from 459 from 469.1 the previous week.
The refinance share of mortgage activity increased to 47.1 percent of total applications from 45.9 percent the previous week. The adjustable-rate-mortgage share of activity increased to 33.9 percent of total applications from 32.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.78 percent from 5.64 percent one week earlier. Points including the origination fee increased to 1.36 from 1.35 the previous week for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.2 percent from 4.99 percent one week earlier. Points including the origination fee decreased to 1.36 from 1.38 the previous week for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 3.97 percent from 3.92 percent one week earlier. Points including the origination fee increased to 1.16 from 1.13 from 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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