Mortgage applications dropped 6.2% on a seasonally adjusted basis and 7% on an unadjusted basis from the previous week, according to the latest report from the Mortgage Bankers Association (MBA) for the week ending June 25, 2017.
The seasonally adjusted Purchase Index was down 4% from one week prior. The unadjusted Purchase Index decreased 4% compared with the previous week and was 8% higher than the same week one year ago.
The Refinance Index was decreased 9% from one week earlier. The share of mortgage activity for refi loan applications was down to 45.6% from 46.6% the week prior.
Adjustable-rate mortgages (ARM) was down to 7% of total applications, from 7.5% one week earlier.
FHA loans applications were up slightly to 10.3% of total loan apps, from 10.1% the previous week.
The total number of applications for VA loans dropped just a tad to 10.3%, from 10.4% the week prior.
USDA loans were the same as the previous week at a .7% share of total applications.