Mortgage applications dropped 4.1% on a seasonally adjusted basis and 4% on an unadjusted basis from the previous week, according to the latest report from the Mortgage Bankers Association (MBA) for the week ending May 12, 2017.
The seasonally adjusted Purchase Index was down 3% from one week prior. The unadjusted Purchase Index decreased 3% compared with the previous week and an increase from the same time last year of 9%.
The MBA said that the average loan size for purchase applications reached a survey high at $322,300.
The Refinance Index was dropped 6% from one week earlier. The share of mortgage activity for refi loan applications was down to the lowest level since September 2008 at 41.1%, from 41.9% the week prior.
Adjustable-rate mortgages (ARM) was down to 8.1% of total applications, from 7.5% one week earlier.
FHA loans applications were up slightly to 10.6% of total loan apps, from 10.5% the previous week.
The total number of applications for VA loans dropped just a tad to 10.7%, from 10.8% the week prior.
USDA loans were the same as the previous week at a .8% share of total applications.