Mortgage applications increased 2.5% on an adjusted basis during the week ended July 6, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 4% to reach the lowest level since December 2000 – while applications for purchases increased 7% compared with the previous week.
Without the adjustment for the Fourth of July holiday, total volume decreased 18% compared with the previous week. Applications for purchases decreased 15% on an unadjusted basis but were 8% higher compared with the same week one year earlier.
The refinance share of mortgage activity was 34.8%, down from 37.2% to reach the lowest level since August 2008.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.3% of total applications.
The average rate for a 30-year fixed-rate mortgage (FRM), based on contract signings, was 4.76%, down from 4.79%.
The average rate for a 5/1 ARM was 4.13%, up from 4.03% to reach its highest level since the MBA began tracking interest rates on 5/1 ARMs in January 2011.
