Mortgage Rates, Apps Down Last Week

June 22, 2005, INMAN NEWS — Overall mortgage applications dropped last week, going down 11.3 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 9.4 percent. The seasonally adjusted refinance index decreased by 13.2 percent.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.63 percent from 5.62 percent one week earlier. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.24 percent from 5.18 percent one week earlier. The average contract interest rate for one-year adjustable-rate mortgages increased to 4.46 percent, compared to 4.38 percent the previous week.

Real Estate Purchases Drop [Inman]