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MORTGAGE LOAN APPS FALL 16.1 PERCENT
| Mortgage loan applications for the week ending Aug. 8 decreased by 16.1 percent to 824.6 on a seasonally adjusted basis from 983.2 one week earlier, according to the most recent survey by the Mortgage Bankers Association of America. On an unadjusted basis, applications decreased by 16.3 percent for the week ending Aug. 8 compared with last week and were down by 17.6 percent compared with the same week one year earlier. "The contraction in mortgage activity continued last week with the level of refinance applications falling to about a third of what they were when they peaked in late May and early June," said Jay Brinkmann, MBA's vice president of research and economics. The refinance share of mortgage activity decreased to 55.8 percent of total applications for the week ending Aug. 8, from 58.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 22.5 percent for the week ending Aug. 8 compared to 21.7 percent the previous week. |