There was a significant drop in mortgage applications, especially for refinancing, during the week ended June 13 the Mortgage Bankers Association (MBA) reported today. Results of MBA’s Weekly Mortgage Applications Survey showed a decline in the Market Composite Index, a measure of application volume, of 9.2 percent from the previous week on a seasonally adjusted basis and 10 percent unadjusted.

Refinancing slipped from a 54 percent share of all mortgage applications during the week ended June 6 to a 52 percent share and the Refinancing Index fell 13 percent compared to the earlier week. The seasonally adjusted Purchase Index decreased 5 percent. On an unadjusted basis applications for purchase mortgages were down 6 percent week-over-week and were 15 percent lower than during the same week in 2013.