The number of applications for home mortgages decreased last week by 4.0% driven by an increase in refinancing activity.
- The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted market index decreased by 4.0% in the week ending on July 14 from a week earlier.
- The refinance share of mortgage activity increased to 64.9% of total applications last week from 64.1% the previous week as the adjustable-rate mortgage share of activity decreased to 3.3% of total applications.
- The average contract interest rate for 30-year fixed-rate mortgages increased to 3.11% last week from 3.09% the prior week.
- The average contract interest for traditional 15-year fixed rate mortgages dropped to 2.46% from 2.48% the prior week.
Limited inventory and higher prices were keeping prospective homebuyers out of the market as refinance rates remained relatively low.
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Source: Mortgage Bankers Association.