Mortgage applications dropped 1.9% after a slight rise last week, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 10, 2015.
The refinance index increased 4% from the previous week, while the seasonally adjusted purchase index decreased 8% from one week earlier.
Overall, the refinance share of mortgage activity ticked up to 50.8% of total applications, up from 48% the previous week.
The adjustable-rate mortgage share of activity jumped to 7.4% of total applications.
The Federal Housing Administration share of total applications increased to 13.8% from 13.7% the week prior, while the U.S. Department of Veteran Affairs share of total applications remained unchanged at 10.8%. The United States Department of Agriculture share of total applications also remained unchanged at 0.9%.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances remained unchanged from 4.23%.
In addition, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances increased to 4.20% from 4.18%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA grew to 4.02% from 4.01%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.43% from 3.41%, while the average contract interest rate for 5/1 ARMs increased to 3.13% from 3.03%.