Hurt by a higher rate environment, mortgage refinancing activity declined 3.9% in the week that ended July 2, and was 50% below the level of a year earlier, the Mortgage Bankers Association reported Wednesday.

Refinancings made up 22.9% of total loans made for the week, according to the association's regular survey of mortgage activity.

Total seasonally adjusted mortgage applications rose 2.4% in the week, while purchase activity rose 4.5%, the group said.

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