Mortgage application activity moved higher in the week ending July 30 with refinancing and purchase activity gaining as mortgage rates eased to new record lows.

The Mortgage Bankers Association reported that the Refinance Index rose an unimpressive 1.3% to ~3966. As a percent of total application activity, refinancing share was unchanged from the previous week at 78%. Meanwhile, the Purchase Index was higher for the third straight week by 1.5% to ~175.

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