Mortgage applications fell 4.5 percent last week from the previous seven days, the Mortgage Bankers Association said Wednesday.
Refinancing fell 5 percent, while mortgages originated to purchase property were down 2 percent. The refinance share of mortgage activity decreased slightly from the previous week to about 81 percent of total applications.
The adjustable-rate mortgage share of activity is almost 4 percent of total applications, the bankers' group said.
- Alan J. Heavens