The Mortgage Bankers Association (MBA) reported mortgage applications fell 6.7% in the week ending June 28 due to a decline in refinancing activity. The Refinance Index declined around 8% to 4543 with the share of refinances as a percent of total applications down to 78% from 79% and 81% in the prior two weeks, respectively.

The MBA's press release on the week's applications noted that the decrease in the Refinance Index was "largely driven by a significant drop in refinance applications for government loans."

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