While purchase mortgage activity across the U.S. ticked up 2 percent over the past week and is still running 17 percent higher than at the same time last year, purchase activity slipped 5 percent on a seasonally adjusted basis with the spring season about to get underway.
At the same time, refinancing activity slipped 4 percent over the past week (but is still running 46 percent higher than at the same time last year).
And as such, while mortgage rates have been holding around their all-time lows, mortgage loan application volumes were down 3 percent in the absolute over the past week and down 4.1 percent a seasonally adjusted basis, according to the Mortgage Bankers Association.
UPDATE: Purchase loan activity across the U.S. slipped another (1) percent over the past week while refinancing activity dropped 4 percent.