Overall mortgage applications tumbled 1.4 percent last week on a seasonally adjusted basis from the week before, as refinancings fell for the third consecutive week, the Mortgage Bankers Association reported today.
The seasonally adjusted purchase index increased slightly to 395.6 from 395.5 the previous week whereas the refinance index decreased by 3.8 percent to 1,356 from 1,409 one week earlier. Other than a brief dip in December 2005, the refinance index is at its lowest level since April 2002, according to the MBA.
Full Article at InmanNews.
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