As fewer prospective borrowers completed a new mortgage application this past week, the share of consumers applying for refinances and adjustable-rate mortgages receded.

The volume of new mortgage applications decelerated last week, with the Market Composite Index for the week ended Aug. 24 retreating a seasonally adjusted nearly 2 percent from the prior week.

Without any seasonal adjustments, the index — a measure of retail residential loan application volume — moved lower by 3 percent from the seven days that concluded on Aug. 17.

Source: Mortgage Daily