Mortgage application activity decreased 3.5% from one week earlier as refinancing volume continued to fade, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending July 29 found that the refinance index decreased 4%
At the same time, the seasonally adjusted purchase index decreased 2% to the lowest level since February 2016.
The adjustable-rate mortgage share of applications remained unchanged at 4.7%, while the Federal Housing Administration share decreased to 9.4% from 10.1%.
The VA share increased to 12.1% from 11.9% and the USDA share increased to 0.7% from 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.67% from 3.69%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.65% from 3.67%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased 2 basis points to 3.54%, while for 15-year fixed-rate mortgages, the average decreased 1 basis point to 2.93%.
The average contract interest rate for 5/1 ARMs decreased to 2.9% from 2.96%.
