Washington, DC, United States (4E) – The average number of mortgage applications climbed 1.9 percent for the week ended Friday from the prior week, according to the results of the weekly survey by Mortgage Bankers Association (MBA) released Wednesday.
Purchase applications dropped 17 percent unadjusted over the week and were down 10 percent than the year-ago period, according to the MBA. The result for this week was adjusted for the July 4 holiday.
The refinance share of mortgage activity dropped to 52 percent of total applications, compared with the previous week’s 53 percent. The adjustable-rate mortgage share of activity stayed flat at 8 percent of total applications.
The rates for Federal Housing Administration-backed 30-year, fixed-rate mortgages climbed to 4.02 percent from 3.99 percent the earlier week.
The rate for 15-year, fixed-rate mortgages declined to 3.40 percent from 3.42 percent in the previous week. The average rate for 5/1 ARM climbed to 3.24 percent from 3.21 percent.