On a seasonally adjusted basis, mortgage applications in the United States decreased by 5.7% in the week ending February 24, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.
The Refinance Index was down 6% compared to the week prior and dropped 74% the same week a year ago, while the seasonally adjusted Purchase Index declined 6% on a weekly basis.
"The 30-year fixed rate increased to 6.71 percent last week, the highest rate since November 2022... After a brief revival in application activity in January when mortgage rates dropped down to 6.2 percent, there has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month... Both purchase and refinance applications declined last week, with purchase index at a 28-year low for a second consecutive week," MBA Vice President and Deputy Chief Economist Joel Kan noted.