Its Market Composite Index was down 2.8% on a seasonally adjusted basis and down 3% on an unadjusted basis. The Refinance Index dropped 4% while the Purchase Index was down 2% to its lowest level since March (seasonally adjusted) and down 2% (unadjusted). It was 9% higher than a year ago though.
The share of new mortgages that were refinance loans slipped to 45.5% in the week ending July 28, from 46% a week earlier.
ARMs made up 6.6% of total applications; FHAs increased to 10.3% (from 10.2% a week earlier); VAs dropped to 10.1% (from 10.5%); and USDAs made up 0.8% of applications, unchanged from the previous week.
There was an increase in the average contract interest rate for 30-year FRMs with jumbo loan balances ($424,100 or more) to 4.11% from 4.06% a week earlier (average 0.25 point).
The rate for 15-year FRMs remained at 3.45% (average 0.44 point); while the average 5/1 ARM rate was 3.30%, up from 3.29% a week earlier (average 0.29 point).
The survey covers 75% of all retail mortgage loan applications.
More market update:
There was a drop in new mortgage applications last week according to the latest data from the Mortgage Bankers’ Association.