Mortgage applications fell 5.1% last week even as mortgage rates declined after a sharp rise, an industry trade group said.
The market composite index – a measure of mortgage loan application volume – fell 5.1% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index fell 24%, the Mortgage Bankers Association said. Last week's results include an adjustment for the July 4 holiday.
The seasonally adjusted purchase index declined 2.6% for the week ended July 8, while the unadjusted purchase index decreased 21.9%. The refinance index, which isn't seasonally adjusted, fell 6.2% from the prior week and is 42.1% lower than last year.
The four-week moving average for the seasonally adjusted market index fell 4.7%, while the four-week moving averages for the purchase and refinance indices fell 1% and 6.3%, respectively.
Meanwhile, the refinance share of mortgage activity fell to 65.6% of total applications, down from 66.4% last week.
The 30-year, fixed rate mortgage dropped to 4.55% from 4.69%, while the 15-year, FRM declined to 3.68% from 3.79%.