Mortgage Applications Fall, Purchase Interest Up

Washington, DC, July 17, 2013 -- Mortgage applications last week fell 2.6% from the previous week due to less interest in refinancing, according to the Mortgage Bankers Association.

Purchase applications, a leading indicator of home sales, rose 0.5%. The  index of refinancing applications fell 4.2%.

Interest rates on fixed 30-year mortgages averaged 4.68% in the week ended July 12, unchanged from the previous week.

The refinance share of total mortgage activity fell to its lowest level since April 2011, accounting for 63% of applications versus 64% the week before.