Mortgage applications for both home purchases and refinances fell last week, with refinancing dropping to its lowest share of total activity in 10 months.
Refinance applications fell a seasonally adjusted 8 percent, according to this morning's weekly report from the Mortgage Bankers Association. Purchase applications were down a seasonally adjusted 4 percent, but were running 6 percent higher than the same week one year ago.
Refinancing made up 75 percent of all mortgage applications, their smallest share of total applications since May 2012. The share of refinances as a percentage of total applications has now fallen for 10 consecutive weeks as mortgage rates have moved off their historic lows since the beginning of the year.
HARP share increases; FHA/VA declines
Applications for refinancing under the federally backed HARP program for low-equity and underwater mortgages made up 31 percent of all Further information: