Mortgage application volume dropped 3.8% in the week ended Feb. 22, as refinances fell 3% and purchases slipped 5%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
The results did not include an adjustment for the Presidents' Day holiday.
Refinances accounted for 77% of volume, unchanged from the week before, with HARPs totaling 30%, while adjustable-rate mortgages held at 4% of the market.
The average rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) dipped to 3.77% from 3.78%, while the 15-year fixed-rate mortgages was unchanged at 3.03%.
