Mortgage Applications Decline Last Week

Washington, DC, Feb. 25, 2015 -- Mortgage application volume last week dropped 3.5% from one week earlier, according to the Mortgage Bankers Association.

The Market Composite Index on an unadjusted basis decreased 12% compared with the previous week.

The Refinance Index decreased 8% while the seasonally adjusted Purchase Index increased 5% from one week earlier.

The unadjusted Purchase Index decreased 2% compared with the previous week and was 2% lower than the same week one year ago.

The refinance share of mortgage activity declined to 62%.

The average interest rate for a 30-year fixed-rate mortgage increased to 3.99% from 3.93%.

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