Mortgage Applications Drop on Weaker Demand for Refinancing
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%.
