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Mortgage applications steadily decline

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Mortgage applications fell 2.6% for the week ending July 12, an industry trade group said.

Applications have remained on a downward trajectory for the past several weeks with the industry concerned over growing interest rates and the possibility of more increases.

The refinance index alone dipped 4% from the previous week: the lowest level since July 2011, the Mortgage Bankers Association reported.

In addition, the purchase index inched up 1% from last week.

As a whole, the refinance share of mortgage activity posted its lowest level since April 2011, falling to 63% of total applications, compared to 64% the previous week.

Meanwhile, the average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance finally halted and remained frozen at 4.68%.

Additionally, the 30-year, FRM jumbo decreased to 4.81%, from 4.86% a week prior.

The average 30-year, FRM backed by the FHA climbed to 4.38%, from 4.37%, the highest rate since April 2012.

The 15-year, FRM dropped to 3.70%, from 3.76%, and the 5/1 ARM edged down to 3.39% from 3.40% a week prior.      

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