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[marketmaven]

CFC Killer- U.S. mortgage applications decrease last week-
MBA
Wed Jul 13, 2005 07:00 AM ET

NEW YORK, July 13 (Reuters) - Applications for U.S. home mortgages decreased last week as purchasing and refinancing activity dropped amid a modest rise in rates on fixed 30-year loans, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 7.2 percent to 791.9, nearly erasing all of the previous week's 9.6 percent gain.

The MBA's seasonally adjusted index of refinancing applications dropped 8.4 percent to 2554.3, after climbing 10.2 percent the prior week.

The MBA's purchase index, a gauge of loan requests for home purchases, fell 6.1 percent to 489.0, after rising 9.1 percent the previous week.

Fixed 30-year mortgage rates averaged 5.62 percent last week, excluding fees, up 4 basis points from 5.58 percent the previous week.