A drop in new mortgage applications was most pronounced with refinances. A week-over-week and year-over-year thinning was recorded for adjustable-rate share.

On a seasonally adjusted basis, the Market Composite Index for the seven-day period that finished on Aug. 3 was 3.0 percent lower than one week earlier.

The index, which is a measure of the volume of retail residential loan applications, still declined 3 percent from the week ended July 27 even without seasonal adjustments.

Source: Mortgage Daily