[U.S. MBA Mortgage Applications Dropped 2.2% Last Week] According to a report by Jinse Finance, for the week ending July 3, U.S. Mortgage Bankers Association (MBA) mortgage application index decreased by 2.2%, after remaining unchanged the previous week. The home purchase mortgage application index fell by 0.6%, compared to a 0.5% increase the prior week. Refinancing mortgage applications dropped by 4.1%, following a 0.7% decline the previous week. The average rate for a 30-year fixed mortgage was 6.58%, compared to 6.57% the week before. The share of refinancing loans was 40.6%, down from 41.4% the previous week.