Overall mortgage applications dropped 4.0 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association’s weekly survey.
The MBA seasonally adjusted purchase index decreased by 5.2 percent to 453.1 from 477.9 the previous week. The seasonally adjusted refinance index decreased 1.6 percent to 1418.1 from 1441.8 one week earlier.
The refinance share of mortgage activity increased to 41.7 percent of total applications, from 40.2 percent the previous week. The adjustable-rate mortgage share of activity decreased to 32.6 percent of total applications, from 33.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.22 percent from 6.28 percent one week earlier. Points including the origination fee decreased to 1.19 from 1.24 for 80 percent loan-to-value loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.76 percent from 5.83 percent one week earlier. Points including the origination fee decreased to 1.22 from 1.28 for 80 percent loan-to-value loans.
The average contract interest rate for one-year adjustable-rate mortgages decreased to 5.41 percent from 5.50 percent the previous week. Points including the origination fee increased to 0.95 from 0.94 for 80 percent loan-to-value 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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