lowrate.com

After taking off last week, the number of people submitting applications to refinance their home slid for the week ending July 23.

The Mortgage Bankers Association Refinance Index reported a decrease of 5.9 percent from the previous week, according to their weekly applications survey. Refinancing activity is also making up a smaller portion of total mortgage applications compared to last week’s report, falling from 79.4 percent to 78 percent this week.

Refinancing activity may have slowed due to increasing mortgage rates. The average interest on a 30-year fixed-rate mortgage rose from 4.59 percent to 4.69 percent, while the rate on 15-year loans climbed from 4.05 percent to 4.12 percent. On the other hand, one-year adjustable-rate mortgages decreased from 7.17 percent to 7.15 percent, said the survey. Lower rates typically encourage consumers to jump into the homebuying market or to consider refinancing.

Applications have been on a roller coaster ride all month. Refinancing took a sharp upturn for the week ending July 16, increasing 8.6 percent to the highest level seen since May 15, 2009, according to the MBA.