WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ending Aug. 24 show the composite index increased 8.3% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index was up 7.1%, and up 75.8% versus the same week a year earlier.
Refinancing activity represented 53.7% of the total applications, increasing from 49.7% the previous week. Adjustable-rate-mortgage activity also rose to 12.6% of the total, from 11.7% last week.
The average contract interest rate for 30-year, fixed rate mortgages was 6.83%, the second .02% drop. The rate was 6.85% last week and 6.87% two weeks ago. Points on that fixed-rate also dipped to 1.31 from 1.32, 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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