Mortgage applications decreased 0.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 24. This week's results are adjusted for the Presidents Day holiday.
The MBA's market composite index decreased 0.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 9.4% compared with the previous week.Â
The refinance index decreased 2.2% from the previous week. The seasonally adjusted purchase index increased 8.2% from one week earlier, while the unadjusted purchase index increased 0.9% compared with the previous week and was 4.3% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 77.9% of total applications from 80.1% the previous week. This is the lowest refinance share since Dec. 2, 2011, and the first time the measure has fallen below 80% since Dec. 9, 2011. More than 20% of the refinance applications were Home Affordable Refinance Program loans.