Both mortgage applications and refinance activity took a dip last week, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 15.
The MBA's market composite index decreased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 1% compared with the previous week.Â
The refinance index decreased 2% from the previous week. The refinance share of mortgage activity decreased to 77% of total applications, the lowest level since May 2012, from 78% the previous week.
The seasonally adjusted purchase index decreased 2% from one week earlier. The unadjusted purchase index increased 3% compared with the previous week and was 17% higher than the same week one year ago.