Call it groundhog week. Mortgage application volume barely moved at all, eking out a 0.1 percent gain on a seasonally adjusted basis for the week ending July 17 from the previous week, according to the Mortgage Bankers Association (MBA). Volume, however, is better than a year ago by just over 8 percent.
What refinance volume lost, purchase volume gained. Applications to refinance fell 1 percent from the previous week, while purchase applications rose 1 percent, both seasonally adjusted. Purchase applications are still 18 percent higher than they were a year ago, but are down five percent in the last four weeks.