Washington, DC, July 16, 2014 — Mortgage application volume fell 3.6% the week of July 11 from the previous week, according to the Mortgage Bankers Association.
The Refinance Index declined 0.1% from the previous week, while the seasonally adjusted Purchase Index decreased 8% to the lowest level since February.
However, the unadjusted Purchase Index increased 16% compared with the previous week and was 17% lower than the same week one year ago.
The refinance share increased to 54% of total applications from 52% the previous week.
The average 30-year interest rate increased to 4.33% from 4.32%.