Real estate purchases increase

Refinancings drop in weekly survey
Inman News
Overall mortgage applications sank 0.9 percent 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 increased by 0.9 percent to 498.8 from 494.5 the previous week. The seasonally adjusted refinance index decreased 3.3 percent to 2,176.5 from 2,250.3 one week earlier.

The refinance share of mortgage activity decreased to 40.9 percent of total applications, from 41.7 percent the previous week. The adjustable-rate-mortgage share of activity increased to 29.7 percent of total applications, from 28.5 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.91 percent from 5.83 percent one week earlier. Points including the origination fee increased to 1.24 from 1.16 for 80 percent loan-to-value loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.49 percent from 5.41 percent one week earlier. Points including the origination fee increased to 1.29 from 1.13 for 80 percent loan-to-value loans.

The average contract interest rate for one-year adjustable-rate mortgages increased to 4.88 percent from 4.78 percent the previous week. Points including the origination fee decreased to 0.99 from 1 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.