Mortgage application volume more or less held steady during the week ending June 27, dropping just 0.2% compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume dropped 1% compared with the previous week.
Applications for refinances increased 0.1%, on an adjusted basis, compared to the previous week, while applications for purchases decreased 1%.
On an unadjusted basis, purchase application volume decreased 1% compared with the previous week and was 16% lower than the same week one year ago.
The refinance share of mortgage activity increased to 53% of total applications from 52% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.28%, down from 4.33% the previous week.
The interest rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.26%, down from 4.28% the week prior.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.99%, down from 4.03% the previous week.
The average rate for a 15-year FRM was 3.42%, down from 3.47%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.21%, down from 3.23%.
The ARM share of activity remained unchanged at 8% of total applications.
All rates are based on closings.