The total mortgage application volume is down 2.9% for the week ending September 30, 2016, according to the latest weekly report from the Mortgage Bankers Association (MBA).
Purchase loan applications decreased .4% from one week earlier, and are 14% lower than this same week last year.
Refinance applications remained at 62.7%, unchanged from the previous week.
Adjustable-rate mortgages (ARM) were up by 4.4% of total applications from one week earlier.
Loan applications for FHA loans were unchanged at 11.1% from the week prior
VA loan applications were up for the week to 12.4% from 12.2% the week prior.
The USDA share of total applications were unchanged at 0.7% from the previous week.