Mortgage application activity declined 4.5% in the week ending Feb. 17 with refinance and purchase activity lower, even as there was only a slight change in mortgage rates.

According to the Mortgage Bankers Association (MBA), mortgage rates were steady over the week with the average contract interest rate for 30-year fixed rate conforming loans at 4.09% versus 4.08% in the prior week, while the Federal Housing Administration loan rates were unchanged at 3.87%.

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