The Mortgage Bankers Association (MBA) reported a slight 2.1% decline in mortgage application activity as a slowing in refinances was partially offset by a rise in purchases. Aiding activity as well were new lows set in mortgage rates. Results were adjusted for the Fourth of July holiday.

For the week ending July 6, the Refi Index fell just 3% to around 4388 after declining 8% in each of the previous two reports. As a percent of total applications, refinancing share slipped 1% to 77%.

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