Prospective mortgage borrowers turned their attention away from home financing to Mothers Day as refinance applications led a drop in overall activity.

For the week ended May 12, the Market Composite Index — a measure of mortgage application volume — declined a seasonally adjusted 4 percent from a week earlier.

Even when there are no seasonal adjustments made, new U.S. residential lending applications were still down 4 percent from the week that ended on May 5.

Source: Mortgage Daily