June 8 (UPI) -- The homebuying market continued to cool, with mortgage applications last week falling to a seasonally adjusted 6.5% from the week before, according to the Mortgage Bankers Association's weekly application survey.
According to the report, on an unadjusted basis, applications tumbled 17% from the week before. The refinancing market continued to take a hit, dropping 6% last week from the week before and 75% from the same time last year.