The total mortgage application volume was down 2.8% from one week earlier, according to the latest weekly report from the Mortgage Bankers Association (MBA) for the week ending July 28, 2017. On an unadjusted basis, the Index decreased 3 percent compared with the previous week.
The seasonally adjusted Purchase Index was down slightly by 2% from the previous week to its lowest level since March 2017. The unadjusted Purchase Index was also down 2% compared with one week prior and an increase of 9% from this same time period one year ago.
Refinance applications were down .5% from the previous week. The refi share of total mortgage activity was down to 45.54% of total loan apps, down from 46% the week prior.
Adjustable-rate mortgages (ARM) decreased to 6.6% of total applications.
Loan applications for FHA loans increased to 10.3% from 10.2% the previous week.
VA loan applications were down to 10.1% from 10.5% the week prior.
The USDA share of total applications was the same at 0.9%.