With refinance activity leading the way, a weekly decline was reported for the number of prospective borrowers who initiated the home-loan process.
The Market Composite Index for the week that concluded on June 23 retreated 6 percent on a seasonally adjusted basis from the previous week.
Disregarding seasonal factors, the index — a measure of retail residential loan application volume — descended 7 percent from the prior report.
Source: Mortgage Daily
