Although mortgage applications turned lower last week, purchase activity has improved on a year-over-year basis. For the fifth consecutive week, the share of government applications has fallen.

New applications for single-family loans suffered a seasonally adjusted 7 percent decline from a week earlier based on the Market Composite Index for the week ended Feb. 16.

Even without considering seasonal factors, the index — a measure of retail residential loan application activity — retreated by 3 percent compared to the week that concluded on Feb. 9.

Source: Mortgage Daily