Mortgage applications edge up slightly
Rates stay mostly the same
Mortgage applications barely edged up for the week ending August 2, with applications increasing only 0.2% from a week earlier, the Mortgage Bankers Association reported.
Similarly, the refinance index remained unchanged, while the purchase index rose 1% from the prior week.
As a whole, the refinance share of mortgage activity once again stayed frozen at 63% of total applications.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance inched up to 4.61% from 4.58%.
Additionally, the 30-year, FRM jumbo remained unchanged at 4.64%.
The average 30-year, FRM backed by the FHA escalated to 4.33% from 4.30%.
Meanwhile, the 15-year, FRM fell to 3.66% from 3.67%, and the 5/1 ARM went unchanged at 3.39%.