U.S. mortgage applications fell 2.8% on a seasonally adjusted basis in the week ended July 28, the Mortgage Bankers Association said.
On an adjusted basis, the market composite index dropped by 3% compared with the previous week.
The refinance index declined 4% from the previous week. The seasonally adjusted and unadjusted purchase index slipped 2%, to the lowest seasonally adjusted level since March.
The refinance share of mortgage activity fell to 45.5% of total applications from 46% in the previous week, according to the MBA's latest weekly survey.