Mortgage loan application volume in the U.S., which dropped to a 22-year low a few weeks ago, inched up 0.7 percent over the past week on a seasonally adjusted basis.
In the absolute, however, mortgage application volume dropped 20 percent, driven by a 21 percent drop in applications to purchase a home, the volume of which was down 24 percent on a year-over-year basis while applications to refinance were down 80 percent, year-over-year.