Mortgage refinancing activity down 19% - Puget Sound Business Journal (Seattle):

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percent last week from the previous week, according to the ’w weekly mortgage applications survey released The marketcomposite index, a measure of mortgagr loan application volume, was 786, a decrease of 14.2 percengt on a seasonally adjusted basis from 915.9 one week The purchase index, however, was up 1 percenf for the week, on a seasonally adjustedr basis. The four week moving averag e for the seasonally adjusted market Indexc isdown 4.7 percent. The four week moving averagw isup 0.5 percent for the purchase while this average is down 6.2 percentt for the refinance index. The refinance share of mortgagee activity decreasedto 69.3 percent of total applicationzs from 73.
6 percent the previoua week. The adjustable-rate mortgage (ARM) share of activituy increased to 2.6 percent from 2.4 percen t of total applications from theprevious week. The averager contract interest ratefor 30-year fixed-rate mortgagea increased to 4.81 percent from 4.69 with points increasing to 1.28 from 1.13 (includin g the origination fee) for 80 percent loan-to-valuwe (LTV) ratio loans. The average contract interest ratefor 15-yeare fixed-rate mortgages remained unchanged at 4.44 percent, with pointsd increasing to 1.16 from 1.01 (including the origination fee) for 80 percent LTV The average contract interesr rate for one-year ARMs increased to 6.55 percenf from 6.
38 percent, with pointx increasing to 0.12 from 0.10 (includinvg the origination fee) for 80 percent LTV