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Mortgage applications dip last week-MBA

Mortgage applications dip last week-MBA
Wednesday June 29, 7:18 am ET

NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as purchasing and refinancing activity decline despite a fall in mortgage rates, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 1.1 percent to 778.4, adding to the previous week's 11.3 percent loss.

The MBA's seasonally adjusted index of refinancing applications dropped 1.8 percent to 2529.2, after falling 13.2 percent the prior week.

The MBA's purchase index, a gauge of loan requests for home purchases, fell 0.4 percent to 477.4, after dropping 9.4 percent the previous week.

Fixed 30-year mortgage rates averaged 5.47 percent last week, excluding fees, down 16 basis points from 5.63 percent the previous week, which ended June 24.


LINK: http://biz.yahoo.com/rb/050629/economy_usa_mortgages.html?.v=1