Mortgage Applications Fell 1.9% Last Week: MBA

Mortgage applications fell 1.9% for the week ending July 10, compared to a week earlier, according to the Mortgage Bankers Association's weekly survey.

The MBA's Market Composite Index, which is a seasonally adjusted figure, was further adjusted for the July 4 holiday. The index rose 9% on an unadjusted basis.

The MBA's Refinance Index rose 4% from a week earlier, and the Purchase Index fell 8% on an adjusted basis. The unadjusted Purchase Index rose 3% compared to the previous week and rose 17% compared to a year earlier.

Refinancings, as a percentage of all mortgage activity, rose to 50.8% of total applications from 48%.

The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances was unchanged at 4.23%. The same loan type with jumbo loan balances rose to 4.2% from 4.18%. The same loan type backed by the Federal Housing Administration rose to 4.02% from 4.01%.