Mortgage applications decreased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 22.

The Market Composite Index, a measure of mortgage loan application volume, decreased 11.2 percent on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 15 percent from the previous week

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.69 percent from 3.65 percent, with points unchanged at 0.36 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.67 percent from 3.66 percent.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.94 percent from 2.90 percent.

"Despite the 30 year fixed mortgage rate being almost 50 basis points lower than a year ago, refinance activity has been extremely sensitive to rate increases as the pool of borrowers who can benefit from refinancing continues to diminish," Mike Fratantoni, chief economist for the MBA, told CNBC.

(Newsmax wire services contributed to this report).

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