Compared to a year ago, refinance share of mortgage applications has been slashed by 15 percentage points.During that same period, though, purchase application volume has risen by nearly a 10th.

New residential applications during the week ended July 28 for loans to finance a home purchase or refinance an existing mortgage declined a seasonally adjusted almost 3 percent from a week earlier.

That was according to the Market Composite Index, a measure of retail mortgage loan application volume. The index still moved down 3 percent when seasonal factors are not considered.

Source: Mortgage Daily