On an unadjusted basis, the Index decreased 3% compared with the previous week. “In the wake of the July FOMC meeting, longer-term rates increased, with mortgage rates reaching their highest level in more than a year, with the 30-year fixed mortgage rate rising to 6.81 percent,” said Mike Fratantoni, MBA’s SVP and chief economist. MBA’s Refinance Index decreased 2% from the previous week and was 9% lower than the same week one year ago. The unadjusted Purchase Index decreased 4% compared with the previous week and was 3% lower than the same week one year ago, according to the report. The refinance share of mortgage activity increased to 39.9% of total applications from 39.5% the previous week, MBA reported.