That trajectory flipped this week with a dip in mortgage applications as rates hit another record high since last August. MBA’s Refinance Index decreased 10% from the previous week and was 2% lower than the same week one year ago. The refinance share of mortgage activity decreased to 39.5% of total applications from 41.2% the previous week, MBA reported. Taking a closer look at that steeper drop, this week’s report showed the FHA share of total applications decreased to 16.9% from 17.0% the week prior. The VA share of total applications decreased to 12.6% from 13.2% the week prior, and the USDA share of total applications decreased to 0.4% from 0.5% the week prior.