More Applications for Purchase Mortgages Filed

Washington, DC, July 5, 2012 -- Mortgage application volume fell last week even as demand for purchase mortgages rose, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7% in the week ended June 29.

Refinancing applications fell 8.4%, after a more than 8% drop the previous week.

The measure of loan requests for home purchases, a leading indicator of home sales, improved 0.6%.

The refinance share of total mortgage activity declined to 78% of applications from over 79% the week before.

Fixed 30-year mortgage rates averaged 3.86%, down from 3.88%. It was yet another record low.