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US mortgage applications rise, halting a 2-week slide

U.S. mortgage applications increased 2.7% on a seasonally adjusted basis in the week ending Feb. 23, snapping a two-week slide, the Mortgage Bankers Association said.

On an unadjusted basis, the market composite index, a measure of mortgage loan application volume, decreased 6% compared to the previous week.

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

The refinance index fell by 1% from the previous week. The refinance share of mortgage activity further dropped to 41.8% of total applications from 44.4% the previous week, the MBA said.