Mortgage applications fell 8.5% from a week prior continuing its downward trend for the week ended Feb. 21, the latest Mortgage Bankers Association report found.
The seasonally adjusted Purchase Index decreased 4% from one week earlier to the lowest level since 1995.
As a whole, the refinance share of mortgage activity fell slightly to 58% of mortgage applications: the lowest level since September 2013.
Additionally, the refinance index fell 11% from the previous week, as the purchase index decreased 4% from one week earlier.
"Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” said Mike Fratantoni, MBA’s chief economist.
Meanwhile, the 30-year, fixed-rate mortgage with a conforming loan balance increased to 4.53% from 4.50%.
The 30-year, FRM with a jumbo loan balance increased to 4.47% from 4.45%.
The 30-year, FRM backed by the FHA reached 4.17%, a growth from 4.16% a week prior.
Furthermore, the 15-year, FRM escalated from 3.55% to 3.56%, and the 5/1 ARM dropped to 3.17% from 3.20%.