The Mortgage Bankers Association reported a 1.2% decline in overall application activity for the week ending Feb. 24.

The Purchase Index also fell, 1.9% to 401. This is the lowest level since the week ending Jan. 7, 2005, when the index reached 393. The Refinance Index was essentially unchanged at 1574 versus 1571 in the previous report. Expectations are for the Refinance Index to record a modest gain to over 1600 for the week ending March 3.

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