NEW YORK – Mortgage loan application volume dropped 4.4% on a seasonally adjusted basis in the week ended July 23, while on an unadjusted basis, volume fell 4.2%, the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey indicated.
Refinancings, which fueled a rise in the prior week, were off 5.9%, while the seasonally adjusted purchase index increased 2.0%, the unadjusted purchase index increased 2.4%, and was 34.3% lower than the same week last year.
The four-week moving average for the seasonally adjusted market index is up 1.6%, while the four-week seasonally adjusted purchase index held steady, and the four-week refinance index rose 2.0%.
The refinance share of mortgage activity decreased to 78.0% of total applications from 79.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.7% from 5.2% of total applications from the previous week.
The average rate for a 30-year fixed rate mortgage rose to 4.69% from 4.59%, while a 15-year mortgage grew to 4.12% from 4.05% and one-year adjustable rate mortgages averaged 7.15%, down from 7.17% the prior week.
