Mortgage loan application volume increased 6.3% last week as interest rates remained flat after a sharp gain during the previous 14-day period, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending July 14 found that the refinance index increased 13% from the previous week. Last week's results included an adjustment for the Fourth of July holiday.

The seasonally adjusted purchase index increased 1% from one week earlier. On an unadjusted basis, the purchase index increased 27% compared with the previous week and was 7% higher than the same week one year ago.

Consumers seeking to refinance submitted 44.7% of all applications, up from 42.1% the previous week.

Adjustable-rate loan application activity remained unchanged at 6.7%, while the Federal Housing Administration share increased to 10.7% from 10.4%.

The Veterans Affair share decreased to 10.7% from 11.5% and the U.S. Department of Agriculture share remained unchanged at 0.7% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.22%. Over the previous two weeks, the average rate for this product had increased by 9 basis points.

For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate decreased 1 basis point to 4.18%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased 2 basis points to 4.1%, while for 15-year fixed-rate mortgages, the average decreased 2 basis points to 3.48%.

The average contract interest rate for 5/1 ARMs remained unchanged at 3.32%.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry