With home-purchase activity leading the way, the volume of new mortgage applications faltered last week. The share of applications for government loans thinned for the fourth week in a row.

A more than 4 percent seasonally adjusted deceleration from the preceding week was recorded for the Market Composite Index for the week ended Feb. 9.

But when seasonal factors are discounted, the index — a measure of retail residential loan applications — was off just 2 percent from the seven days that concluded on Feb. 2.

Source: Mortgage Daily