The purchase index, down 2.0 percent in the February 7 week, continues to signal weakness for underlying home sales. The index is down a very sizable 13.0 percent year-on-year underscoring the importance of all cash buyers in the housing market. The refinance index edged 0.2 percent lower. Rates moves slightly lower in the week with average rate for 30-year conforming loans ($417,500 or less) down 2 basis points to 4.45 percent.

Mortgage purchase applications Y/Y:

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