Mortgage application volume rose 0.1% for the week ending July 17, a slight uptick
The MBA's Market Composite Index measures loan application volume on a seasonally adjusted basis. On an unadjusted basis the index rose 0.4%.
The MBA's Refinance Index fell 1% from the previous week. The Purchase Index rose 1% on an adjusted basis; unadjusted, it increased 1% compared to the previous week and 17% compared to the same week a year ago.
Refinancings, as a percentage of all mortgage activity, fell to 50.3% of total applications from 50.8% the previous week.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances of $417,000 or less remained unchanged at 4.23%. The same loan type with jumbo loan balances of $417,000 or greater fell to 4.16% from 4.2% the week before.
The average contract interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration fell slightly to 4% from 4.02% the week before.
