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US mortgage applications edge lower for 2nd straight week

U.S. mortgage applications declined for the second consecutive week despite a gain in purchase applications, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

The seasonally adjusted market composite index, which is a measure of mortgage loan application volume, edged lower by 5 percentage points in the week that ended June 29, adding to a 4.9% drop last week. The unadjusted index slipped by 1%.

Refinancing applications also declined, with the unadjusted index falling 2%. The refinance share of mortgage activity slipped to 37.2% of total applications, from 37.6% the previous week.

The seasonally adjusted purchase index ticked higher by 1% from a week earlier. The unadjusted index remained flat from the previous week and came in 1% lower than the same week a year ago.

"Financial market volatility in response to continued worries about trade resulted in both lower mortgage rates and a drop in applications last week," MBA Chief Economist Mike Frantantoni said.