According to the Mortgage Bankers Association, mortgage applications decreased 2.3 percent from one week earlier for the week ending February 9. On an unadjusted basis, the Index increased 2 percent compared with the previous week.
The Refinance Index decreased 2 percent from the previous week and was 12 percent higher than the same week one year ago. A mortgage rates continue to tick up, mortgage applications have now decreased for three consecutive weeks.
“Application activity was weaker last week, as mortgage rates moved higher across the board. The 30-year fixed mortgage rate was up to 6.87 percent—the highest rate since early December 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago.”
The refinance share of mortgage activity decreased to 34.2 percent of total applications from 35.4 percent the previous week.
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