The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week increase of a scant 0.1% in the group’s seasonally adjusted composite index for the week ending July 17. That followed a decrease of 1.9% for the week ending July 10. Mortgage loan rates either remained unchanged or decreased slightly on all five loan types.

On an unadjusted basis, the composite index increased by 0.4% week over week. The seasonally adjusted purchase index rose by 1.0%, compared to the week ended July 10. The unadjusted purchase index also rose by 1.0% for the week and remains 18% higher year over year.

The MBA’s refinance index decreased by 1% week over week, and the percentage of all new applications that were seeking refinancing slipped from 50.8% to 50.3%.

Adjustable rate mortgage loans accounted for 7.3% of all applications, down from 7.4% in the prior week.

Mortgage News Daily reported Tuesday that the most prevalent conventional 30-year rate has settled firmly into the 4.00% to 4.125% range:

With the day-to-day movements being as small as they are, the average borrower is more likely to see changes in the form of slightly lower closing costs (or higher lender credit).

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According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged for the second consecutive week at 4.23%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.20% to 4.16%. The average interest rate for a 15-year fixed-rate mortgage remained unchanged at 3.43%.

The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.13% to 3.08%. Rates on a 30-year FHA-backed fixed-rate loan dropped from 4.02% to 4.00%.

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