Mortgage Purchase And Refinancing Applications Fall

Purchase applications for home mortgages fell a seasonally adjusted 3 percent in the July 27 week, posting the third weekly decline in a row, while applications for refinancing declined 2 percent. Unadjusted, purchase applications were just 1 percent above the level in the same week a year ago. The refinance share of mortgage activity increased by 0.3 percentage points from the prior week to 37.1 percent. Interest rates resumed their climb, with the average interest rate for 30-year fixed rate conforming mortgages ($453,100 or less) rising 7 basis points from the prior week to 4.84 percent.