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Mortgage Applications Slip in Last Week: MBA

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Wednesday, 23 August 2017 10:28 AM

U.S. mortgage applications decreased modestly last week, led by a decline in loan requests to buy a home, even as some home borrowing costs fell, the Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally adjusted index on mortgage activity dipped 0.5 percent to 416.8 in the week ended Aug. 18 with its mortgage purchase gauge falling 1.5 percent, Reuters reported.

Mortgage applications to refinance a home loan rose 0.3 percent from the previous week and are 38 percent lower than the same week one year ago, when rates were lower, CNBC reported.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged from the week prior, at 4.12 percent.

"A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing of jumbo loans over the past few years," Joel Kan, an MBA economist., told CNBC.

(Newsmax wires services contributed to this report).

© 2018 Thomson/Reuters. All rights reserved.

   
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U.S. mortgage applications decreased modestly last week, led by a decline in loan requests to buy a home, even as some home borrowing costs fell, the Mortgage Bankers Association said on Wednesday.The Washington-based group's seasonally adjusted index on mortgage activity...
mortgage, applications, home, loans, mba
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2017-28-23
Wednesday, 23 August 2017 10:28 AM
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