Mortgage applications decreased 13.1% for the week ending Feb. 18 to the lowest level since December 2019, as mortgage rates eclipsed the 4% mark.
The Mortgage Bankers Association‘s seasonally adjusted refi index fell 15.6% from the previous week, bringing its share of total applications to almost equal the purchases share at 50%. Meanwhile, the purchase index dropped 10.1%, falling again for the third straight week.
Compared to the same week one year ago, mortgage apps overall dropped 41%, with a sharp decline in refi (-56.4%) compared to purchase (-5.4%). The survey, conducted weekly details ⇒
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