Mortgage refinancing activity down 19% - Boston Business Journal:

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percent last week from the previouws week, according to the ’s weeklu mortgage applications surveyreleased Wednesday. The market composite index, a measure of mortgage loan application volume, was 786, a decreass of 14.2 percent on a seasonally adjusted basiesfrom 915.9 one week earlier. The purchaser index, however, was up 1 percenf for the week, on a seasonally adjuster basis. The four week moving average for the seasonally adjustedx market Index isdown 4.7 percent. The four week moving average isup 0.5 percenyt for the purchase index, whiler this average is down 6.2 percent for the refinancwe index. The refinance share of mortgage activit y decreasedto 69.
3 percent of total applications from 73.6 percent the previouas week. The adjustable-rate mortgagse (ARM) share of activity increased to 2.6 percenf from 2.4 percent of total applications from thepreviouzs week. The average contract interest ratefor 30-yeaer fixed-rate mortgages increased to 4.81 percenft from 4.69 percent, with points increasing to 1.28 from 1.13 (includiny the origination fee) for 80 percent loan-to-value (LTV) ratil loans. The average contract interesyt ratefor 15-year fixed-rate mortgages remained unchanged at 4.44 with points increasing to 1.16 from 1.01 (including the origination fee) for 80 percen LTV loans.
The average contracyt interest ratefor one-year ARMs increase to 6.55 percent from 6.38 with points increasing to 0.12 from 0.10 (including the origination fee) for 80 percenf LTV loans.