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Mortgage applications fall

Mortgage applications fell last week even as refinancing activity ticked up, the Mortgage Bankers Association (MBA) reported.

For the week ending July 13, MBA’s adjusted composite index declined by 2.5 percent compared to the previous week. The refinance index increased by 2 percent off an 18-year low, while the adjusted purchase index declined by 5 percent, MBA said. Mortgage rates held steady.

"Mortgage application volume dropped coming out of the July 4 holiday, with purchase volume falling back to the level same level as two weeks prior," MBA Chief Economist Mike Fratantoni said.

"The mix of business changed, with FHA purchase volume increasing as conventional and VA volume decreased," Fratantoni said. "This indicates that more first-time buyers are entering the market, even as the market as a whole continues to be restricted by tight inventories of homes available for sale."

The results include an adjustment for the Fourth of July holiday.


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