Mortgage applications rose 0.2% in the week ended July 27, as refinancings again were king, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
The refinance index grew 0.8%, and is at its highest level since the week ending April 17, 2009. The seasonally adjusted purchase index fell about 2%.
Refinances rose to 81% of applications, while adjustable-rate mortgages slipped to 4.1% of applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.75% from 3.74%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.09% from 3.07%.
