US mortgage applications decline further, MBA says

US mortgage applications fell further in the last week of February, registering a 4.8% decline compared to the previous 4.3% fall, according to data from the Mortgage Bankers Association (MBA).

Refinancing applications decreased 7% from the previous week, seasonally adjusted, falling to the lowest level since the start of the year.

The average amount for refinance loans was $279,200, the lowest since mid-January, when refinances really took off.

"Despite a slight drop in rates, refinance applications decreased overall," said Joel Kan, MBA's associate vice president for forecasting and industry surveys.

"Applications for both conventional and government refinance loans decreased, as the supply of borrowers who could benefit from rates at this level begins to diminish."