Real estate purchases hit record high

Refinancings up as well
Inman News
Overall mortgage applications reached a record level last week, going up 9.4 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 9.4 percent to 526.2 from 482.5 percent the previous week. The seasonally adjusted refinance index increased by 9.8 percent to 2,263.3 from 2,061.2 one week earlier.

"Strong support for home sales has been provided by a recent decline in interest rates, a strong jobs market, and nice weather during the spring-buying season," said Douglas Duncan, the MBA's senior vice president and chief economist, in a statement. "These factors have led to a record level of purchase applications on both weekly and four-week rolling averages."

The refinance share of mortgage activity increased to 39.2 percent of total applications, from 39.1 percent the previous week. The adjustable-rate-mortgage share of activity increased to 35.3 percent of total applications, from 33.4 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.77 percent from 5.74 percent one week earlier. Points including the origination fee increased to 1.25 from 1.18 for 80 percent loan-to-value loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.34 percent from 5.31 percent one week earlier. Points including the origination fee increased to 1.26 from 1.22 for 80 percent loan-to-value loans.

The average contract interest rate for one-year adjustable-rate mortgages increased to 4.2 percent from 4.14 percent one week earlier. Points including the origination fee decreased to 0.93 from 0.98 for 80 percent loan-to-value loans.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.