Mortgage application volume increased 0.4% on an adjusted basis during the week ended July 21, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 3%, as rates dipped slightly, while applications for purchases decreased 2%.
On an unadjusted basis, total volume increased 1% compared with the previous week. Applications for purchases decreased 2% on an unadjusted basis but were 8% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 46.0% of total applications, up from 44.7% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.17%, down from 4.22%.
The average rate for 30-year jumbo FRM was 4.06%, down from 4.18%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.05%, down from 4.10%.
The average rate for a 15-year FRM was 3.45%, down from 3.48%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.29%, down from 3.32%.
The ARM share of activity increased to 6.8% of total applications.