Purchase applications for home mortgages fell a seasonally adjusted 3 percent in the July 7 week, while applications for refinancing fell 13 percent from the previous week to the lowest level since January 2017. The refinance share of mortgage activity fell 2.8 percentage points to 42.1 percent. The decline in applications was registered despite adjustments for the Fourth of July holiday. On an unadjusted basis, purchase applications were down a much sharper 22 percent from the previous week. The weekly decline shaved the year-on-year purchase index gain by 3 percentage points to 3 percent. Along with the midweek holiday, rising mortgage undoubtedly took their toll on mortgage application activity. After rising 7 basis points in the prior week, the average interest rate on 30-year fixed rate conforming mortgages ($424,000 or less) rose another 2 basis points to 4.22 percent.