NEW YORK – Mortgage loan application volume increased 1.3% seasonally adjusted in the week ending July 30, and rose 1.4% on an unadjusted basis, the Mortgage Bankers Association said Wednesday.
Refinancings rose 1.3%, while the seasonally adjusted Purchase Index gained 1.5%. “This third straight weekly increase in the Purchase Index was driven by government purchase applications which increased 3.4% from last week, while conventional purchase applications were essentially flat,” the MBA said in a statement.
The unadjusted Purchase Index rose 1.5%, and 7.1% compared to four weeks ago, but was 33.7% lower than the same week one year ago.
The four-week moving average for the seasonally adjusted Market Index grew 0.3%. The seasonally adjusted Purchase Index four-week moving average rose 0.9%, while the Refinance Index average increases 0.2%.
The refinance share of mortgage activity remained 78.0% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4% from 5.7% of total applications from the previous week.
A 30-year fixed rate mortgage averaged 4.60%, down from 4.69% a week ago, while the 15-year fell to 4.03% from 4.12%, and one-year adjustable mortgages slid to 7.10% from 7.15%.
