Mortgage records indicate that more people filed for mortgage applications last week, thanks largely to rates remaining at record lows.
According to the real estate industry group Mortgage Bankers Association, mortgage application activity rose for the week ending July 20 by nearly 1 percent on a seasonally adjusted basis. The Purchase Index, meanwhile, declined by 3 percent from the previous seven-day period.
Refinancing activity was also robust for the third week of July, with application activity jumping nearly 2 percent.
Despite these improving numbers, loan requests were fewer in number, as this leading indicator of home sales slipped just under 3 percent, MBA reported.
This latest report follows a week in which mortgage applications soared, jumping 17 percent from the week ending July 6. Mike Fratantoni, vice president of research and economics for MBA, said at the time that this was largely driven by a surge in applications for the government-sponsored Home Affordable Refinance Program.