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updated: 8/13/2014 7:45 AM

Mortgage applications decrease as refinancing declines

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  • Mortgage applications in the U.S. declined as fewer Americans refinanced their homes.

      Mortgage applications in the U.S. declined as fewer Americans refinanced their homes.
    Associated Press

 
Bloomberg News

Mortgage applications in the U.S. declined as fewer Americans refinanced their homes.

The Mortgage Bankers Association's index decreased 2.7 percent in the period ended Aug. 8 after a 1.6 percent advance in the prior week, the Washington-based trade group reported today.

The refinancing gauge slumped 4 percent to the lowest level since the week ended May 2 following a 3.8 percent gain in the prior period. The purchase applications measure decreased 1 percent after a 1.3 percent decline.

The share of applicants seeking to refinance fell to 54 percent from 54.5 percent in the prior week, today's report showed.

The average rate on a 30-year fixed loan held at 4.35 percent. The average 15-year mortgage rate declined to 3.48 percent from 3.51 percent.

To contact the reporter on this story: Nina Glinski in Washington at nglinskibloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle

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