Mortgage application activity slipped 1.8% with both refinancing and purchasing activity lower in the week ending Aug. 3.
The Mortgage Bankers Association (MBA) reported the Refinance Index fell 2% to ~5344. Contributing in part to the modest easing was a slight increase in mortgage rates. However, it was very minor. The contract interest rate for 30-year fixed rate conforming loans averaged 3.76% from 3.75%, while Federal Housing Administration (FHA) rates rose two basis points to 3.54%.