Fixed-rate mortgage rates moved modestly higher this week, while adjustable-rate mortgages fell slightly.

The average 30-year fixed-rate mortgage rose 4 basis points, to 6.74 percent. A basis point is one-hundredth of a percentage point. The 30-year fixed remains near its highest levels of the past year.

The average 15-year fixed -- a popular option for refinancing -- rose 5 basis points, to 6.27 percent. The average jumbo 30-year fixed rose 3 basis points, to 7.68 percent.

The one-year adjustable-rate mortgage fell 2 basis points, to 6.24 percent. The popular 5/1 ARM slipped 3 basis points, to 6.32 percent.

Mortgage applications rose modestly one week after posting their biggest decline since May, according to the Mortgage Bankers Association. For the week ending Aug. 1, application activity rose a seasonally adjusted 2.8 percent from a week earlier.

Refinancing activity rose by 4.4 percent. Applications for new purchases climbed 1.8 percent.

-- Chris Kissell

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