Mortgage applications dropped for the second consecutive week as rates ticked up slightly, the Mortgage Bankers Association reports. 

The MBA’s weekly index measuring applications for home purchases and refinancings dropped 1.7 percent for the week ending Feb. 15. Broken out separately, refinancings -- which make up the biggest bulk of the index -- fell 1.6 percent during the week, while mortgage applications for home purchases dropped 1.7 percent. The gauge for applications for home purchases is viewed as a leading indicator of future home sales. 

Mortgage rates were on the rise during the week, with 30-year fixed-rate mortgages averaging 3.78 percent, up from 3.75 percent the prior week, the MBA reports.

Source: Reuters