Mortgage applications declined 1% on a seasonally adjusted basis for the week ending February 10, driven by an almost 9% seasonally adjusted drop in purchase applications, according to figures compiled by the Mortgage Bankers Association.
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The trade group's 'Refinance Index' increased by almost a point from the previous week, with rates on 30-year loans holding steady at about 4.08%.
Refis continue to dominate the application landscape accounting for 81.1% of all new business, compared to 80.5% the week before.
Although the rate on 30-year conventional FRMs rose slightly, the average contract interest rate for a 30-year FHA-backed loan fell two basis points to 3.87%.
