Having ticked down 3 percent on a seasonally adjusted basis and 6 percent in the absolute, mortgage loan application volumes to purchase a home in the U.S. were down 9 percent on a year-over-year basis last week with refinancing activity down 42 percent, according to the Mortgage Bankers Association.

And while the average loan size inched up to $416,200, the second highest average on record, “the elevated loan size is an indication that activity is more on the higher end of the market” (i.e., the rise in the average loan amount and median sale price in the U.S. is still being driven by a change in the mix).

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