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Mortgage applications in U.S. fell last week on fewer purchases

Mortgage applications in the U.S. fell last week as purchases retreated.

The Mortgage Bankers Association's index declined 4.3 percent in the period ended Nov. 21, after a 4.9 percent increase the week before, data from the Washington-based group showed today.

The purchase applications measure decreased 4.8 percent after three straight gains, while the refinancing gauge fell 3.5 percent.

The average rate on a 30-year fixed mortgage declined to 4.15 percent last week from 4.18 percent. The rate on a 15-year fixed loan dropped to 3.35 percent from 3.38 percent.

The share of applicants seeking to refinance rose to 62.8 percent from 61.4 percent.

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