Mortgage applications decrease nationwide

Mortgage applications decreased 5.1 percent nationwide for the week ending July 8, including an adjustment to account for the July 4 holiday, according to weekly data from the Mortgage Bankers Association released today. Refinancing also fell 9.2 percent from the previous week.

The refinance share of mortgage activity increased to 65.6 percent of total applications from 66.4 percent the previous week. The adjustable-rate mortgage share of activity decreased to 5.5 percent from 6.1 percent of total applications from the previous week. 

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.55 percent from 4.69 percent. The average contract interest rate for 15-year fixed-rate mortgages increased to 3.68 percent from 3.79 percent.  — Katherine Clarke