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Mortgage applications decrease nationwide

July 13, 2011 11:40AM

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. — Katherine
Clarke