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New York

U.S. mortgage applications drop 3 percent in a week

Mortgage applications for the week ending June 21 fell 3 percent from a week earlier, the Mortgage Bankers Association announced today.

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The measure of mortgage loan application volume, also known as the Market Composite Index, dropped 3 percent from a week earlier on a seasonally adjusted basis – to the lowest level since November 2011. The decrease is the same on an unadjusted basis.

The Refinance Index slipped 5 percent, also to the lowest level since November 2011. The seasonally adjusted Purchase Index rose 2 percent from a week earlier, while the unadjusted Purchase Index increased 1 percent in the same span of time. The latter was an increase of 16 percent from the same week last year, the group said.

The refinance share of mortgage activity is now at 67 percent of total applications, a drop from 69 percent the previous week. It reached the lowest level since July 2011, the report said. – Mark Maurer

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Mortgage Bankers AssociationMortgages