Mortgage Applications Drop on Weaker Demand for Refinancing

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The number of applications for mortgage loans fell last week as demand for refinancing loans weakened.

The total loan applications index fell 8.9% on a seasonally adjusted basis from a week earlier, with applications for refinancing loans slipping 10.8%, the Mortgage Bankers Association said. These figures include an adjustment to account for the Labor Day holiday.

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Applications for loans for to buy homes fell 0.4% from a week earlier.

The average contract interest rate for 30-year fixed-rate mortgages fell to 4.47% from 4.5%. The average contract interest rate for 15-year fixed-rate mortgages fell to 3.96% from 4%.


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