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US mortgage applications fall for 2nd consecutive week

U.S. mortgage applications dropped 6.6% on a seasonally adjusted basis in the week ending Feb. 16 from the prior week during which the number declined by 4.1%, the Mortgage Bankers Association said.

On an unadjusted basis, the market composite index, a measure of mortgage loan application volume, decreased 3% compared to a week ago.

The seasonally adjusted purchase index fell 6% from the prior week. The unadjusted purchase index increased 1% compared with the previous week and was 3% higher than the same week a year ago.

The refinance index declined by 7% from the previous week. The refinance share of mortgage activity sank to its lowest level since July 2017, dropping to 44.4% of total applications from 46.5% the previous week, the MBA said.