After peaking at a near four-year high two weeks ago, mortgage application volume dipped 2.1 percent on a seasonally adjusted basis last week, according to the Mortgage Bankers Association’s latest survey.
On an unadjusted basis, the index decreased 0.4 percent for the week ending February 8, compared to a week prior, but was up a whopping 65 percent from the same period a year ago.
Both the refinance index and the purchase index declined, with the refinance share of applications falling for the second straight week to 67.4 percent from 69.2 percent a week earlier.
Conversely, the adjustable-rate mortgage share of applications rose for the second straight week to 9.9 percent from 8.8 percent one week prior.
And mortgage rates were again up across the board, with the 30-year fixed-rate mortgage increasing to 5.72 percent from 5.61 percent, and the 15-year up to 5.18 percent from 5.09 percent from last week.
One-year ARMs also moved higher, climbing to 5.72 percent from 5.62 week a week earlier.
(Photo: Robyn Gallagher)
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