WASHINGTON (8/8/13)--U.S. mortgage applications inched up 0.2% last week from one week earlier, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index--a measure of mortgage loan application volume--increased 0.2% for the week ending Aug. 2 on a seasonally adjusted basis. On an unadjusted basis, the index was essentially unchanged.
The Refinance Index was unchanged. The seasonally adjusted Purchase Index rose 1%, while the unadjusted Purchase Index increased 1% and was 8% higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 63% of total applications. The adjustable-rate mortgage share of activity remained constant at 6%. Home Affordable Refinance Program refinancing applications decreased to 36% from 37%.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($417,500 or less) rose to 4.61% from 4.58%. Points increased to 0.42 from 0.38-including--the origination fee--for 80% loan-to-value ratio loans.