Mortgage refinancing activity down 19% - Minneapolis / St. Paul Business Journal:

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percent last week from the previoua week, according to the ’s weekly mortgage applications surveyreleased Wednesday. The market composite a measure of mortgage loanapplication volume, was 786, a decrease of 14.2 percent on a seasonalluy adjusted basis from 915.9 one week The purchase index, however, was up 1 percenrt for the week, on a seasonally adjuster basis. The four week moving averagew for the seasonally adjusted market Index isdown 4.7 percent. The four week movingt average isup 0.5 percent for the purchasee index, while this averagre is down 6.2 percent for the refinance The refinance share of mortgage activity decreased to 69.3 percengt of total applications from 73.
6 percentr the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.6 percentf from 2.4 percent of total applications from thepreviouws week. The average contract interest ratefor 30-yeaer fixed-rate mortgages increased to 4.81 percenyt from 4.69 percent, with points increasing to 1.28 from 1.13 (includinh the origination fee) for 80 percent loan-to-value ratio loans. The average contract interest ratefor 15-year fixed-rate mortgagesd remained unchanged at 4.44 percent, with points increasing to 1.16 from 1.01 (includinh the origination fee) for 80 percent LTV The average contract interest rate for one-yeatr ARMs increased to 6.55 percent from 6.
38 with points increasing to 0.12 from 0.10 (including the originatiom fee) for 80 percent LTV