Real estate purchases inch up

Refinance loans increase in latest survey
By: Inman News
Overall mortgage applications inched up slightly last week, going up 1.2 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 went down by 0.1 percent to 488.7 from 489.0 the previous week. The seasonally adjusted refinance index increased 2.5 percent to 2618.2 from 2554.3 one week earlier.

The refinance share of mortgage activity increased to 45.7 percent of total applications, from 45.1 percent the previous week. The adjustable-rate mortgage share of activity increased to 28.5 percent of total applications, from 27.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.62 percent one week earlier. Points including the origination fee decreased to 1.14 from 1.26 for 80 percent loan-to-value loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.28 percent from 5.21 percent one week earlier. Points including the origination fee decreased to 1.26 from 1.28 for 80 percent loan-to-value loans.

The average contract interest rate for one-year adjustable-rate mortgages increased to 4.63 percent from 4.56 percent the previous week. Points including the origination fee decreased to 0.99 from 1.01 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.