Mortgage application activity decreased 2.8% from one week earlier as interest rates were flat or moved slightly higher, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending July 28 found that the refinance index decreased 4% from the previous period.

The seasonally adjusted purchase index decreased 2% from one week earlier. On an unadjusted basis, the purchase index decreased 2% compared with the previous week and was 9% higher than the same week one year ago.

The refinance application share decreased to 45.5% from 46% the previous week.

Adjustable-rate loan application activity decreased to 6.6% from 6.8%, while the share of applications for Federal Housing Administration-insured mortgages increased to 10.3% from 10.2%.

The share of applications for Veterans Affairs-guaranteed loans decreased to 10.1% from 10.5% but the U.S. Department of Agriculture/Rural Development share remained unchanged at 0.8%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.17%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate increased 5 basis points to 4.11%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased 2 basis points to 4.07%, while for 15-year fixed-rate mortgages the average remained unchanged at 3.45%.

The average contract interest rate for 5/1 ARMs increased 1 basis point to 3.3%.

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