Applications for purchase loans drop

Applications for purchase loans dropped a seasonally adjusted 2 percent for the week ending July 19 compared to a week earlier but were still up 6 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications survey.

Meanwhile, refinance applications fell 1 percent from a week earlier.

The drop in mortgage applications came as interest rates climbed to their highest level since July 2011, with the average rate for a 30-year fixed-rate mortgage with a balance of $417,500 or less dropping to 4.58 percent, down from 4.68 percent a week earlier. Source: MBA