Mortgage applications decreased 5 percent for the week ending July 22, 2011, according to weekly data from the Mortgage Bankers Association. Refinancing also decreased 5.5 percent from the previous week.
The refinance share of mortgage activity decreased to 69.6 percent of total applications from 70.1 percent the previous week. The adjustable-rate mortgage share of activity increased to 6.1 percent from 5.8 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.54 percent, while the average contract interest rate for 15-year fixed-rate mortgages increased to 3.67 percent from 3.66 percent.
— Miranda Neubauer