Mortgage application volume dipped during the week ended June 29, falling 0.5% on an adjusted basis compared with the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 2% while applications for purchases increased 1%.
On an unadjusted basis, total volume fell 1% compared with the previous week. Applications for purchases were unchanged compared with the previous week, on an unadjusted basis, but were down 1% compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 37.2% of total applications, down from 37.6% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 6.7% of total applications. The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.79%, down from 4.84%.
The average rate for a 5/1 ARM was 4.03%, up slightly from 4.01%.
