As expected during the Fourth of July holiday, mortgage applications had dropped considerably from the previous week, according to the Mortgage Bankers Association’s (MBA) latest survey for the week ending July 7, 2017.

The purchase index dropped big time by 22% from the week prior and was still 3% higher than this same week last year. The seasonally adjusted Purchase Index decreased 3 percent from the previous week.

The refinance index saw a big decrease as well by 13% from the week prior to the lowest level since January 2017. The refi share of total mortgage activity was down to 42.1% of total applications from 44.9% the previous week.

Adjustable-rate mortgage (ARM) applications were down to 6.7% of total applications.

Loan applications for FHA loans increased to 10.4% from 10.2% the week prior.

VA loan applications climbed to 11.5% from 10.3% the previous week.

The USDA share of total applications dropped slightly to 0.7% from 0.8% the week prior.