WASHINGTON–Mortgage applications declined 2.8% for the week ended July 28, compared with one week earlier, according to the Mortgage Bankers Association.
Volume was 22% lower compared with the same week a year ago, the MBA said.
Mortgage rates remain at their lowest levels in five weeks. According to the MBA:
- The average rate on the 30-year fixed-rate mortgages was 4.17%
- The average rate on the 15-year fixed-rate mortgages was 3.45%
- The average rate on 5/1 ARMs was 3.30%
The MBA said mortgage apps have now declined for two straight weeks and are at their lowest levels since March. Purchase applications were 9% higher than the same week one year earlier.