Mortgage application volume fell 2.5% during the week ended July 13, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The previous week’s results included an adjustment for the Fourth of July holiday.
Applications for refinances increased 2% while applications for purchases decreased 5%.
On an unadjusted basis, total volume increased 22% compared with the previous week. Applications for purchases increased 19% on an unadjusted basis and were 1% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 36.5% of total applications, up from 34.8% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.1% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.77%, up slightly from 4.76%.
The average rate for a 5/1 ARM was 4.12%, down slightly from 4.13%.
With this most recent decrease, mortgage application volume has fallen in four of the past six weeks.