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MORTGAGE LOAN APPS FALL FOR FOURTH CONSECUTIVE WEEK
| The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications activity, fell by 1.6 percent for the week ending Aug. 29 to 628.7 on a seasonally adjusted basis from 638.6 one week earlier, according to a report released today by the Mortgage Bankers Association of America (MBA). It was the fourth consecutive weekly decline. On an unadjusted basis, the Index decreased by 2.7 percent for the week ending Aug. 29 compared with last week and was down by 40.3 percent compared with the same week one year earlier. The refinance share of mortgage activity decreased to 45.9 percent of total applications for the week ending Aug. 29 compared to 48.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 23.3 percent from 24.4 percent the previous week. |