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The attached file contains this articles commentary as well as tables and charts of the data.

Mortgage Apps: Lower Again

February 15, 2017
Bottom Line: Mortgage activity fell modestly in the latest week. Home buying declined modestly while refinancing activity declined again and remains near record lows. The percentage of adjustable-rate mortgages continued to increase modestly as borrowers look for lower payments amid higher fixed-rate mortgages with the 30-year mortgage rate holding above 4.25%.

The MBA Mortgage Applications Index FELL by 3.7% during the week ended February 10 to 379.0, modestly below its 13 week average of 394.5 and 30.4% BELOW its year ago level.

The Purchase Index FELL by 4.5% to 223.1, modestly below its 13 week average of 232.5 but 4.6% ABOVE its year ago level. The level of purchase activity had stayed quite low after the crisis until 2015 when it started to rise. But that trend has lost momentum since mid-2016.

The Refinance Index FELL by 2.9% to 1,240. With this decline, refinancing activity is modestly below its 13 week average of 1,328 and 49.5% BELOW its year ago level.

Contract Mortgage Rates were MIXED with the 30-year fixed rate declining by 3 bps to 4.32% and the 15-year fixed rate was unchanged at 3.55%.