Refinance applications were down an unadjusted 18.9% last week, compared with the week before. Applications for mortgages to purchase a home were up a seasonally adjusted 1.0%, compared with the previous week.

The four-week moving average for all mortgages was down 4.7%.

Applications to refinance an existing loan made up a 69.3% share of all activity, compared with 73.6% the previous week. And applications for adjustable-rate mortgages made up a 2.6% share of all activity, up from 2.4% the previous week.

Rates on 30-year fixed-rate mortgages averaged 4.81% last week, up from 4.69% the previous week, with average points increasing to 1.28 from 1.13. A point is 1% of the mortgage amount, charged as prepaid interest.

Fifteen-year fixed-rate mortgages averaged 4.44%, unchanged from last week, with points increasing to 1.16 from 1.01. And 1-year ARMs averaged 6.55%, up from 6.38%, with points increasing to 0.12 from 0.10.

Amy Hoak is a MarketWatch reporter based in Chicago.

Follow Middle Street on Sullivan’s Island out to the very tip of the island and you will come upon a place that is known as one of the most scenic locations in the Lowcountry – Hagerty Point. The breathtaking views expand out to the Charleston Harbor and across the Intercoastal Waterway.

The Hagerty family has owned this property for generations. About 30 years ago, Mary and Robert Hagerty constructed a home here, from which you can enjoy panoramic views of the water through every window. This is how the family would explain how this land has become what it is today:

“Like every magical place, Hagerty Point has a story. Created from rubble by a country girl genius, Miss Mary Hagerty, in the early 1960s, the Point was one the first places that the Army Corps of Engineers used to pump millions of yards of dredge as they cleared the inland waterway and harbor. Mary designed a series of dikes and runoffs so that the fill would drain and settle to the solid high ground that it is today. She then worked tirelessly with her crew of characters to build the property to what it is today.

“Her husband, Robert Hagerty, was the first plastic surgeon in South Carolina and originally hailed from Boston. Big Bob and Miss Mary had five children who now survive them and all of whom have helped to one degree or another in building and landscaping Hagerty Point.”

Hagerty Point holds many memories for the family – Long ago they built a concrete bomb shelter on the ICW and next to that was an old train car. However, times have changed and the family has now decided to take the treasured real estate and turn it into a neighborhood which will be called The Point at Sullivan’s Island.

There will be five .5 acre lots – Four of the lots are on the Waterway and one on the Harbor. For more information on this unique property, contact Elise Hagerty directly at 843-670-5996 or ehagerty@carolinaone.com.