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Mortgage requests fall in mid-February

02.27.2013

Mortgage applications declined recently.

Home loan application volume declined during the week ending February 22, but this may be partially due to the President's Day holiday.

Total mortgage application volume fell 3.8 percent compared to the previous week, a report from the Mortgage Banker's Association noted. The firm's Weekly Applications Survey indicates the Purchase Index fell 5 percent from one week earlier, which brought it to the lowest level since late December.

The Refinance Index also declined, as its volume was 3 percent lower than one week earlier, the survey explained. There was no change in the refinance share of mortgage activity, as the figure was at 77 percent of all applications. This is the lowest level recorded since July.

Declines in mortgage application volume may be related to slight increases in mortgage rates. A report from Freddie Mac noted that the 30-year fixed-rate mortgage averaged 3.56 percent during the week ending February 21. This was slightly higher than the previous week's figure of 3.53 percent. The change was the first after three weeks of stagnation. The 15-year FRM did not change week-over-week, as it was 2.77 percent.

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