"Mortgage application volume fell last week to its lowest levels in more than six years, the Mortgage Bankers Association said Wednesday.
. . .
A sharp drop in refinance volume in recent weeks has been the leading driver of declining application volume.
The trade group's application index fell to 419.3 during the week ended Aug. 15, a 1.5 percent decline from the week prior. Application volume is down 61 percent from its 2008 peak in February".