Mortgage applications up 16% from a year ago

— -- The Mortgage Bankers Association said Wednesday that mortgage loan applications fell a seasonally adjusted 3.5% the week ended Aug. 7 from the previous week, although they are up 16.1% from the same week a year ago.

The MBA's seasonally adjusted purchase index increased 1.1% from a week ago — its third gain in four weeks. The refinance index fell 7.2%, which the MBA attributed to an increase in the average 30-year fixed mortgage rate; last week, refinance applications rose 7.2%.

The refinance share of mortgage activity fell slightly, to 52.3% of applications from 54.2% the previous week, the MBA said. The adjustable-rate mortgage (ARM) share of activity rose to 5.8% from 5.4% of applications.

The average contract interest rate for 30-year fixed-rate mortgages rose to 5.38% in the most recent week, from 5.17% a week earlier, with points increasing to 1.18 from 1.02, including the origination fee, for 80% loan-to-value loans.

The average rate for 15-year fixed mortgages increased to 4.71% from 4.60%, with points increasing to 1.20 from 1.00.

The average rate for one-year ARMs increased to 6.71% from 6.67%, with points down slightly to 0.08 from 0.09.