Mortgage refinancing activity down 19% - Business Courier of Cincinnati:

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percent last week from the previous according tothe ’s weekly mortgagw applications survey released Wednesday. The market compositde index, a measure of mortgagee loan application volume, was 786, a decrease of 14.2 percen t on a seasonally adjusted basisfrom 915.9 one week earlier. The purchase index, however, was up 1 perceny for the week, on a seasonally adjusted basis. The four week movinyg average for the seasonally adjusted marketf Index isdown 4.7 percent. The four week movinvg average isup 0.5 percent for the purchasr index, while this average is down 6.2 percenyt for the refinance index. The refinanc share of mortgage activity decreasedto 69.
3 percent of totap applications from 73.6 percent the previous The adjustable-rate mortgage (ARM) sharse of activity increased to 2.6 perceng from 2.4 percent of total applicationsx from the previous week. The averag e contract interest ratefor 30-year fixed-rate mortgagesa increased to 4.81 percent from 4.69 percent, with pointss increasing to 1.28 from 1.13 (including the origination fee) for 80 percentr loan-to-value (LTV) ratio loans. The average contract interesr ratefor 15-year fixed-rate mortgagesd remained unchanged at 4.44 percent, with pointsz increasing to 1.16 from 1.
01 (including the originatiobn fee) for 80 percent LTV The average contract interest rate for one-yeae ARMs increased to 6.55 percent from 6.38 with points increasing to 0.12 from 0.10 (including the origination fee) for 80 percent LTV loans.