Mortgage application activity increased 7.6% in the week ending July 16 with refinancing and purchase activity higher. 

The Mortgage Bankers Association (MBA) reported that the Refinance Index jumped 8.6% to ~4161 — its highest level since mid-May 2009. This happened as the average contract rate for 30-year fixed rate mortgages declined 10 basis points to 4.59% (with 1.04 points/80 LTV), which is the lowest the rate has been on record.

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