Home loan application volume slid 14.1 percent on a seasonally adjusted basis for the week ending July 25 to fall to its slowest pace since late 2000, according to the latest survey from the MBA.

Appliations are off about 30.3 percent from the same week a year ago.

Much of the slide could be attributed to a 22.9 percent decrease in refinance applications, although purchase apps slipped 7.8 percent and FHA loan applications fell 9.5 percent as well.

The refinance share of mortgage activity fell to just 35.2 percent of total application volume, down from 39.4 percent a week earlier, despite the fact that interest rates improved.

The average 30-year fixed rate came in at 6.46 percent, down from 6.59 percent, while the 15-year fixed dipped to 5.98 percent from 6.10 percent.