Mortgage application volume was practically flat when compared with one week earlier, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending Aug. 11 increased 0.1% from the previous week, led by a 2% increase in the refinance index.

The seasonally adjusted purchase index decreased 2% from one week earlier. On an unadjusted basis, the purchase index decreased 3% compared with the previous week although it was 10% higher than the same week one year ago.

The refinance application share increased to 47.8% from 46.7% 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 remained unchanged from the week prior at 10.2%.

The share of applications for Veterans Affairs-guaranteed loans decreased to 10.5% from 10.7% and 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) decreased 2 basis points to 4.12%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate decreased 3 basis points to 4.04%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased 1 basis point to 4.01%, while for 15-year fixed-rate mortgages the average remained unchanged at 3.41%.

The average contract interest rate for 5/1 ARMs increased 3 basis points to 3.34%.