Mortgage applications decreased 2.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Aug. 31.
The MBA's market composite index fell 2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 3% compared with the previous week.Â
The refinance index decreased 3% from the previous week to the lowest level since May. The refinance share of mortgage activity remained unchanged at 79% from the previous week.
The seasonally adjusted purchase index decreased 0.8% from one week earlier. The unadjusted purchase index decreased 3% compared with the previous week and was 1% higher than the same week one year ago.