Mortgage application activity rose following a 9-basis-point drop in mortgage rates due to easing Middle East tensions. The Market Composite Index increased 1.8% seasonally adjusted, with refinance applications up 5% and 15% higher than last year. Purchase applications remained subdued, unchanged week-over-week and 3% lower than last year. The refinance share rose to 45.5%, while adjustable-rate mortgage activity fell to 8.4%. FHA and VA application shares declined.