Purchase mortgage demand falls 5 percent

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Applications for purchase loans dropped a seasonally adjusted 5 percent for the week ending Feb. 7 compared to a week earlier and were down 13 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

During the same period, refinance applications fell 0.2 percent, the MBA reported.

The MBA also said the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less fell to 4.45 percent from 4.47 percent a week earlier.

Source: MBA