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by CareyBot

Overall mortgage applications dropped last week, going down 7.2 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey. "Mortgage application volume is down 7.2 percent from the previous week, with applications for adjustable-rate products experiencing an even steeper decline of 15.8 percent," said Michael Cevarr, MBA's director of member surveys, in a statement. As a result, Cevarr said, the ARM share of applications, at 27.9 percent, is at its lowest level since March of 2004. The MBA seasonally adjusted purchase index went down by 6.1 percent to 489 from 520.8 the previous week. The seasonally adjusted refinance index decreased 8.4 percent to 2,554.3 from 2,788.2 one week earlier. The refinance share of mortg...