Applications for purchase loans increased a seasonally adjusted 1 percent for the week ending July 12, and were up 5 percent from a year before, according to the results of the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Refinance applications, meanwhile, fell 4 percent during the same week, dropping to their lowest level since July 2011, the MBA reported.

Refinance activity has taken a hit in the last two months due to a surge in interest rates, which has been driven by speculation that the Fed will wind down its stimulus program this year.

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