Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.

A more than 7 percent decrease from last week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that ended on Feb. 23. The drop was insignificant given that the week included Presidents Day.

The index increased 6 percent from the same-seven days last year. No adjustments are made for seasonal factors to the MMI, which is based on average per-user rate-lock volume by OpenClose clients.

Source: Mortgage Daily