Refinancing activity represented 66.7% of total applications, increasing from 63.1% the previous week. Adjustable-rate-mortgage activity decreased to 10.3% from 10.9% the week prior. The average contract interest rate for 30-year, fixed-rate mortgages was 6.52%, decreasing from 6.63% the previous week, with points remaining the same at 1.27, including the origination fee for 80% loan-to-value ratio loans. The survey, which has been conducted since 1990, covers about 40% of all U.S. retail residential mortgage originations.
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