Mortgage Rates Inch Up, Application Activity Drops

An uptick in mortgage rates slowed mortgage activity in the July 15 week, with seasonally adjusted purchase applications for home mortgages down 2.0 percent and refinancing down 1.0 percent from the previous week. Year-on-year, purchase applications are up a solid 16 percent. Mortgage rates rebounded from three-year lows, with the average rate for 30-year fixed-rate mortgages on conforming loans ($417,000 or less) rising 5 basis points to 3.65 percent.