MHProNews has learned from HousingWire mortgage applications dropped 7.3 percent from the previous week, according to the Mortgage Bankers Association (MBA), and the refinance index fell eight percent from the previous week. Although the seasonally adjusted purchase index dropped four percent from the prior week, it was ten percent above the same week last year. Refinance mortgage activity held steady at 73 percent of all mortgage activity, and the adjustable rate mortgage (ARM) share of activity remained at four percent of all applications.

(Image credit: HousingWire)