Mortgage Applications Fall 6.4% in Week

Mortgage applications declined 6.4% in the week ended Feb. 8, as the refinance index dropped 6% and the purchase index fell 10%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

Refinances remained 78% of total applications, and HARPs accounted for 28% of refinances, unchanged from the week before. Adjustable-rate mortgages rose to 4% of volume.

Interest rates on mortgages rose to their highest levels since September 2012, as the average rate on a 30-year fixed-rate mortgage with a conforming loan balance ($417,500 or less) climbed to 3.75% from 3.73%, while the average 15-year fixed-rate mortgages rose to 3.01% from 3.00%.

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