Refinancing activity represented 56.3% of the total applications, up slightly from 56% the prior week. Adjustable-rate-mortgage activity increased to 11.2% from 11% the previous week. The average contract interest rate for 30-year fixed rate mortgages was 6.73%, decreasing from 6.83% the previous week, with points increasing to 1.29 from 1.17, 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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