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September 2, 2014

Mortgage Applications Drop as Refinancings Fall

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Mortgage Applications Drop as Refinancings Fall

A decline in refinancing caused overall mortgage applications to take a dip last week, the Mortgage Bankers Association reports in its weekly index. However, applications for home purchases -- viewed as a gauge for future home buying -- rose last week.

MBA’s index of mortgage application activity, which includes applications for refinancings and home purchases, dropped 4 percent for the week ending March 29. 

Broken out, mortgage applications for home purchases increased 1.4 percent, while applications for refinancing, which makes up the biggest bulk of the index, dropped 5.6 percent. 

MBA reported that 30-year fixed-rate mortgages averaged 3.76 percent last week, dropping from 3.79 percent the previous week.

Source: “Mortgage applications fell last week: MBA,” Reuters (April 3, 2013)

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