The volume of mortgage applications declined again last week, the fourth
loss out of the six full weeks since the year began
. The Mortgage Bankers Association
(MBA says that its Market Composite Index, a measure of application volume, has
lost an aggregate of 9.6 percent since the week ended January 1. In the most
recent week, which ended February 12, the index was down 5.1 percent on a
seasonally adjusted basis and 4.0 percent before adjustment. The Refinance Index decreased 5 percent
from the previous week although it remains 51 percent higher than the same week
one year ago.
The refinance share of mortgage activity decreased to 69.3
percent of total applications, from 70.2 percent during the week ended February


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