Mortgage applications in the United States observed a weekly increase of 3.6% in the week ending August 7, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday showed.
The report showed that the average contract interest rate for 30-year fixed-rate mortgages decreased to 6.77% from 6.81% a week prior. The seasonally adjusted Purchase Index rose 3% compared to the week before and was 1% lower than during the same week a year earlier. Meanwhile, the Refinance Index increased by 5% from the previous week and was 22% lower on an annual basis.
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