Mortgage application activity was essentially flat in the week ending July 27, as a decline in purchase activity offset a slight 0.8% increase to roughly 5464 on the Refinance Index - its highest level since mid-April 2009, according to the Mortgage Bankers Association (MBA).

A muted response was expected despite mortgage rate levels given that many borrowers have already responded to the historical low levels. Mortgage rates have set new lows in 11 of the past 13 weeks, with one week holding at the prior week's low.

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