Mortgage Applications Down Last Week

Washington, D.C.–Mortgage applications dropped in the week ending Feb. 15, according to the Washington, D.C.-based Mortgage Bankers Association.The market composite index–which gages mortgage loan application volume–in the group’s weekly survey was 822.8, a decline of 22.6 percent on a seasonally adjusted basis from the week before, the Boston Herald reports.The index was up 33.9 percent on an unadjusted basis from the same week in 2007, the MBA said.