As mortgage applications retreated this past week, refinance business slowed to the lowest level since nearly the turn of the century. Veterans share was the thinnest since at least last year.

During the week ended May 18, the Market Composite Index moved down nearly 3 percent from the preceding seven-day period on a seasonally adjusted basis.

Even without considering seasonal factors, a 3 percent decline was recorded compared to the week ended May 11 for the index, a measure of retail residential loan application activity.

Source: Mortgage Daily