After rising a mere 0.1% the previous week, mortgage application volume increased 0.8% on an adjusted basis during the week ended July 24, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume increased 1% compared with the previous week.
Applications for refinances increased 2% – due mainly to a slight drop in interest rates – while applications for purchases decreased 0.1%.
On an unadjusted basis, applications for purchases increased 0.2% compared with the previous week and were 18% higher compared to the same week one year ago.
The refinance share of mortgage activity increased to 50.6% of total applications, up from 50.3% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.17%, down from 4.23% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.12 percent, down from 4.16% the week prior.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.98%, down from 4.00%.
The average rate for a 15-year FRM was 3.39%, down from 3.43%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.04%, down from 3.08%.
The ARM share of activity decreased to 6.6% of total applications.
Looking at application volume by loan type, the FHA's share of total applications was 13.7%, down from 14.0% the week prior. The Veterans Affairs' share of total applications was 10.9%, down from 11.3% the week prior. The U.S. Department of Agriculture's share of total applications was 0.9%, unchanged from the week prior.