declined again during the week ended February 20. The Mortgage Bankers Association (MBA) said
that its Market Composite Index, a measure of application volume, was down 3.5
percent on a seasonally adjusted basis from the week ended February 13. There was also an adjustment to the data to
account for the Presidents’ Day Holiday which fell during the week. On a non-adjusted basis the volume was down
12 percent from the previous week.
continued to retreat. The Refinance Index decreased
8 percent from the previous week and the refinancing
share of applications fell from 66 percent to 62 percent, the fourth decline in