On an unadjusted basis, the market composite index declined by 3% from last week.
On a seasonally adjusted basis, the purchase index increased by 7%, while the unadjusted index dropped by a percent from a week ago and by 5% year-over-year, not including President’s Day.
The refinance index rose by 5% compared with last week. The refinance share of total mortgage activity declined to 45.1% from last week’s 46.2% of total applications – the lowest since November 2008.
The adjustable-rate mortgage share of total activity stayed the same from the prior week at 7.3% of mortgage applications, while FHA
applications rose to 12.3% from 11.6% the week prior.
30-year mortgage rates down for third week in a row
MBA recommends turning GSEs into utilities
Mortgage applications rose by 5.8% compared with last week, according to the Mortgage Bankers Association’s weekly survey, inclusive of adjustment for the President’s Day holiday.