Overall mortgage application activity rose a slight 0.9% in the week ending July 20 as higher refinancing activity more than offset a decline in purchase activity.

According to the Mortgage Bankers Association's (MBA) weekly survey, the Refinance Index eked out a 2% increase to roughly 5421as mortgage rates held at record lows and is the highest the index has been since April 2009. As a percent of total application activity, refinancing share increased to 81% from 80.1%.

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