The Mortgage Bankers Association's (MBA) market composite index, a measure of mortgage loan application volume, increased 0.9% on a seasonally adjusted basis for the week ending July 20. On an unadjusted basis, the index also increased 0.9% compared with the previous week.
The MBA's refinance index increased 2% from the previous week to its highest level since April 19, 2009. The refinance share of mortgage activity increased to 81% of total applications from 80% the previous week.
The seasonally adjusted purchase index decreased 3% from one week earlier to its lowest level since June 22.