The weekly volume of new applications for home loans waned. Refinances continued to account for a shrinking share of mortgage applications as rates ascended to a more than four-year high.

A seasonally adjusted 3 percent decline from one week earlier was recorded for the Market Composite Index for the seven-day period that concluded on April 27.

However, when seasonal factors are ignored, the index — a measure of retail residential loan application volume — retreated just 2 percent from the week ended April 20.

Source: Mortgage Daily