As mortgage loan originators completed fewer applications last week, the share of activity that was for a government mortgage fell to the lowest level in seven months.

Prospective borrowers applied for a new home loan during the week ended May 25 at a seasonally adjusted pace that was 3 percent slower than one week earlier.

Application volume, which is based on the Market Composite Index, moved down 4 percent when seasonal factors are not considered.

Source: Mortgage Daily