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US weekly mortgage applications down 2.8%

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.