MADISON, Wis. (3/1/13)--U.S. mortgage applications for the week ending Feb. 22 decreased 3.8% from one week earlier--the third consecutive week of declines--according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, dropped 3.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index fell 3%, compared with the previous week. The Refinance Index declined 3% from the previous week.
The seasonally adjusted Purchase Index decreased 5% from one week earlier and is at its lowest level since the week ending Dec. 28. The unadjusted Purchase Index dropped 2%, compared with the previous week and was 14% higher than the same week one year ago.
The refinance share of mortgage activity was unchanged from the previous week at 77% of total applications and remains at its lowest level since early July 2012. The adjustable-rate mortgage share of activity was unchanged at 4% of total applications. The Home Affordable Refinance Program share of refinance applications increased to 30% from 29% the prior week.
For the MBA survey, use the link.