Mortgage application volume was basically flat on an adjusted basis during the week ended Aug. 7, rising just 0.1% compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume fell 1% compared with the previous week.
Applications for refinances increased 3%, while applications for purchases decreased 4%.
On an unadjusted basis, applications for purchases decreased 4% compared with the previous week but were 20% higher compared to the same week one year ago.
The refinance share of mortgage activity increased to 53.1% of total applications from 51.3% the previous week.
Driving the slight increase in applications for refinances is the fact that interest rates for fixed mortgages have also been basically flat for the past several weeks. For the week ended Aug. 7, the average rate for a 30-year, fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.13%, unchanged from the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.08%, also unchanged from the previous week.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.94%, down from 3.96%.
The average rate for a 15-year FRM was 3.39%, up from 3.36%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.11%, up from 3.02%.
The ARM share of activity remained unchanged at 6.8% of total applications.
Looking at application volume by loan type, the FHA's share of total applications was 13.3%, down from 13.7% the week prior. The Veterans Affairs' share of total applications was 11.3%, up from 10.5% the week prior. The U.S. Department of Agriculture's share of total applications was 0.7%, down from 0.8% the week prior.
All rates are based on closings. The survey covers about 75% of the total residential mortgage market.