The number of refinance applications declined 1.9 percent and represented 63 percent of applications. The decline in refinance applications is blamed on a slight increase in mortgage interest rates. Overall, applications were down 0.9 percent.
The FHA loan share of total applications increased to 9.6 percent, the VA loan share was up to 11.0 percent and the USDA share of total applications was flat at 0.9 percent.
The MBA report covers more than 75 percent of U.S. retail residential mortgage applications.