The MBA seasonally adjusted purchase index increased to 294 from 291.6 the previous week while the seasonally adjusted refinance index decreased to 2,726.1 from 2,802.5 the previous week.
According to the MBA, refinancing represented 58.8% of total applications, decreasing from 59.5% the previous week. ARM activity increased from 9.3% the previous week to 10.2%. The average contract interest rate for 30-year fixed rate mortgages was 6.99%, increasing slightly from 6.84% the previous week, with points decreasing to 1.21 from 1.32 the prior week (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for one-year ARMs was 5.99%, decreasing from 6.01 the previous week, with points increasing to 1.38 from 1.34 the prior week (including the origination fee) for 80% loan-to-value ratio loans.
The survey covers approximately 40% of all US retail residential mortgage originations and has been conducted weekly since 1990.
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