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Mortgage Applications Tumble 3.1 Percent as Rates Stall

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By    |   Wednesday, 29 Nov 2017 01:39 PM

Mortgage applications decreased 3.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA), which accounted for the Thanksgiving holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.1 percent on a seasonally adjusted basis from one week earlier, the MBA said.

The refinance share of mortgage activity decreased to 48.7 percent of total applications from 49.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged from the week prior at 4.20 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.57 percent from 3.56 percent.

"The Fed's FOMC minutes indicated that despite the near certainty of a December rate increase, persistently low inflation remained a concern, pushing Treasury rates slightly lower last week," Joel Kan, an MBA economist, told CNBC.

(Newsmax wire services contributed to this report).

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Mortgage applications decreased 3.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA), which accounted for the Thanksgiving holiday.
mortgage, applications, home, housing, loan
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2017-39-29
Wednesday, 29 Nov 2017 01:39 PM
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