Mortgage applications dropped 3.4% on a seasonally adjusted basis from one week earlier for the week ending May 26, 2017, according to the latest weekly report from the Mortgage Bankers Association (MBA).
The Index was down 4% on an unadjusted basis compared with the week prior.
The seasonally adjusted Purchase Index decreased 3% from the previous week. The unadjusted Purchase Index was also down 3% compared with the previous week and increased 7% from the same time period last year.
The Refinance Index dropped 6% from the previous week with the refi share of total loan applications increased to 43.2% from 43.9% the previous week, according to the MBA.
Adjustable-rate mortgages (ARM) share of mortgage activity was down to 7.7%.
Applications for FHA loans decreased to 10.5% from 10.8% the week earlier.
VA loan applications increased to 10.8% from 10.5% the previous week.
The USDA share of total applications was the same at .8%.