Mortgage applications slumped 1.7% on a seasonally adjusted basis in the week ended Feb. 15, as refinances slid 2% and purchases dropped 2%, according to the Mortgage Bankers Association's weekly mortgage applications survey.

Refinances slipped to 77% of volume, the lowest level since May 2012, from 78% a week earlier, while adjustable-rate mortgages rose to 4% of application volume.

The average 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) grew to 3.78%, the highest rate since August 2012, from 3.75%, the average 15-year fixed-rate mortgage rose to 3.03%, the highest rate since September 2012, from 3.01%.

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