Mortgage application activity declined 9.5% in the week ending Feb. 11, according to the Mortgage Bankers Association (MBA). 

"Mortgage rates remained above 5% last week, up almost a full percentage point from their October lows, and refinance volume continued to drop," said Michael Fratantoni, MBA vice president of research and economics. "Applications for home purchases also declined on a seasonally adjusted basis.  Buyers have not returned to the market as rising rates have reduced affordability, to some extent."

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