Mortgage application volume decreased 0.2% on an adjusted basis during the week ended July 20, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 1% while applications for purchases fell 1%.
On an unadjusted basis, total volume was flat compared with the previous week. Applications for purchases decreased 1% on an unadjusted basis but were up 2% compared with the same week one year earlier.
The refinance share of mortgage activity increased to 36.8% of applications, up from 36.5%.
The adjustable-rate mortgage (ARM) share of activity increased to 6.3% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on closings, was 4.77%, unchanged compared with the previous week.
The average rate for a 5/1 ARM was 4.09%, down from 4.12%.
