Mortgage application volume fell 2.6% on an adjusted basis during the week ended July 27, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances fell 2% while applications for purchases decreased 3%.
On an unadjusted basis, total volume decreased 3% compared with the previous week. Applications for purchases were down 3% on an unadjusted basis but were up 1% compared with the same week one year earlier.
The refinance share of mortgage activity increased to 37.1% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 6.4% of total applications.
The average rate for a 30-year fixed-rate mortgage was 4.84%, up from 4.77% the previous week.
The average rate for a 5/1 ARM was 4.17%, up from 4.09% to reach a survey high.
