Mortgage applications took a tumble last week, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 22. The week's results did not include an adjustment for the Presidents' Day holiday.
The MBA's market composite index decreased 3.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 3% compared with the previous week.Â
The refinance index decreased 3% from the previous week. 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.Â
The seasonally adjusted purchase index decreased 5% from one week earlier and is at its lowest level since the week ending Dec. 28, 2012. The unadjusted purchase index decreased 2% compared with the previous week and was 14% higher than the same week one year ago.