Mortgage demand decreased for the second week in a row, falling 2.1 percent on a seasonally adjusted basis during the week ending February 12, according to the Mortgage Bankers Association.
On an unadjusted basis, the home loan application index was off just 0.5 percent compared with the previous week, with some simply blaming it on the weather (all those snowstorms).
Refinance activity slipped 1.2 percent and the seasonally adjusted basis purchase index was off four percent from one week earlier.
However, the unadjusted purchase index was up one percent compared to a week earlier, though it was 18.4 percent lower than the same week a year ago.
The refinance share of mortgage activity fell to 69.3 percent of total applications, down from 69.7 percent a week earlier.
Meanwhile, both the popular 30-year fixed and the less popular 15-year fixed remained unchanged at 4.94 percent and 4.33 percent, respectively.
The one-year adjustable-rate mortgage was a lot more active, falling a single basis point to 6.67 percent.
These interest rates are good for mortgages at 80 percent loan-to-value.
The ARM-share of total applications decreased to 4.4 percent from 4.5 percent during the week, as fixed-rate mortgages continue to dominate.
The MBA survey covers more than half of all retail, residential mortgage applications, but does not factor out declined or duplicate apps.
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