Mortgage Applications Up 1.3% in July 30 Week

Mortgage loan application volume rose 1.3% on a seasonally adjusted basis in the week ending July 30, the Mortgage Bankers Association said Wednesday.

Refinancings rose 1.3% while the purchase index increased 1.5%.

“This third straight weekly increase in the purchase index was driven by government purchase applications, which increased 3.4% from last week,” the MBA said in a statement. “Conventional purchase applications were essentially flat.”

The four-week moving average for the market index grew 0.3%. The purchase index four-week moving average rose 0.9%, while the refinance index average increases 0.2%. Refinancing accounted for 78.0% of total applications for a second week. The adjustable-rate mortgage share of activity decreased to 5.4% from 5.7% the previous week.

The 30-year fixed-rate mortgage averaged 4.60%, down from 4.69% a week ago, while the 15-year fell to 4.03%.

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