Despite a week-over-week decline in new applications for mortgages, the volume of people applying for loans to finance a home purchase has strengthened from a year ago.

During the week ended July 7, the Market Composite Index declined more than 7 percent from the prior week. The index was adjusted to reflect the Fourth of July holiday.

The index, which is a measure of retail residential loan application volume, plummeted 26 percent from the week ended June 30 without any adjustments made for seasonality.

Source: Mortgage Daily