Mortgage applications post first decline in three weeks

After advancing for two straight weeks, mortgage applications have taken a step back. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey shows applications dipped 1.3% in the week ending July 15, 2016. The Refinance Index was also lower — down 1% — as the refinance share of mortgage activity rose to 64.2% of total applications from 64.0% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 5.1% of total applications, the FHA share slipped to 9.9% from 10.0% the week before, the VA share was 11.2%, and the USDA share of total applications dropped to 0.5% from 0.6% a week earlier.

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