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Story summary
- Mortgage applications fell 2.2% week ending July 3 per Mortgage Bankers Association (MBA) survey.
- The refinance index dropped 4%, reducing refinance share to 40.6%.
- Adjustable-rate mortgage (ARM) applications increased to 7.8% of total applications.
- The average contract rate for 30-year fixed-rate mortgages with conforming balances rose to 6.58%.
- Xactus’s Mortgage Intent Index slipped to 110.9 for the week of July 3, a roughly 10% decline attributed to the Fourth of July holiday.
