Having dropped 10 percent last week, mortgage loan activity across the U.S. ticked up 2.0 percent this week, with purchase loan activity ticking up 5 percent and refinancing activity inching up 0.1 percent, according to the Mortgage Bankers Association.

But the year-over-year increase in purchase loan activity, which measured 17 percent three weeks ago, has dropped to 1.0 percent.

And the year-over-year increase in applications to refinance, which were up 100 percent in early January, was down to 7 percent with mortgage rates inching up but still historically low.

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