It has been nearly a decade since the weekly volume of applications to refinance an existing mortgage was this low. Overall applications slowed, government share reached a four-week high and the jumbo-conforming spread thinned.

A seasonally adjusted 2.7 percent decline from one week earlier was recorded for the Market Composite Index for the seven-day period that ended on May 11.

The seasonally adjusted index, which is a measure of retail residential loan application volume, ,has retreated each week since the week ended April 13.

Source: Mortgage Daily