Mortgage application activity decreased 2.1% from one week earlier, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending Aug. 19 found that the refinance index decreased 3%
The seasonally adjusted purchase index decreased 0.3% from one week earlier, while the unadjusted purchase index decreased 2% compared with the previous week and was 8% higher than the same week one year ago.
The adjustable-rate mortgage share of activity remained unchanged at 4.6%, while the Federal Housing Administration share decreased to 8.9% from 9.6%.
The VA share decreased to 12.4% from 13.2% and the USDA share remained unchanged at 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased 3 basis points to 3.67%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased 2 basis points to 3.62%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.53% from 3.49%, while for 15-year fixed-rate mortgages, the average increased to 2.95% from 2.9%.
The average contract interest rate for 5/1 ARMs decreased 1 basis point to 2.84%.
