WASHINGTON Mortgage applications in the week that ended July 27 dipped 0.4% from the week before, the Mortgage Bankers Association reported Wednesday.
The market composite index, which measures loan purchase and refinance activity, decreased to 507.2. The groups purchase index dropped 4%, to 312, while the refinance index rose 3.7%, to 1,643.
Refinancing represented 45.5% of total applications, up from 43.6% the previous week, and adjustable-rate mortgage activity rose to 11.4%, from 11.1%.
The average contract interest rate for 30-year fixed-rate mortgages fell to 6.96%, from 6.99%. The average rate for one-year adjustable loans declined to 5.65%, from 5.66%.