Highlights
The Mortgage Bankers Association's purchase index edged higher in the Feb. 23 week but remains subdued, up 5.2 percent to 401.3. The four-week average slipped 0.4 percent to a 397.0 level that is the weakest since the beginning of the fourth quarter.

Favorable mortgage rates aren't giving much of a boost to purchase applications nor to refinancing applications. The refinancing index edged 1.2 percent higher to 1,943.5 with refinancings making up only 43.2 percent of total applications, down from 44.9 percent in the prior week. The average rate for 30-year fixed mortgages dipped 3 basis points to 6.16 percent in the week.

Yesterday's existing home sales data was stronger than expected -- a plus for the housing outlook. But weak application data are pointing to weaker sales for February. January data on new home sales will be released at 10:00 a.m. ET this morning.