Digging deeper into mortgage applications; Refinance applications fell a seasonally adjusted 8%, according to the weekly report from the Mortgage Bankers Association.

Purchase applications were down a seasonally adjusted 4%, but were running 6% higher than the same week one year ago.

Refinancing made up 75% of all mortgage applications, their smallest share of total applications since May 2012. The share of refinances as a percentage of total applications has now fallen for 10 consecutive weeks, according to the article.