Mortgage Applications Fall as Rates Ease

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During a short holiday week, consumers’ applications for home refinancing and purchasing fell despite a drop in fixed mortgage rates, an industry group said Wednesday.


The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity declined 10.6 percent to 605.7 in the week ended Dec. 31, after falling 1.7 percent in the prior week’s survey. That’s the lowest level of activity since the week ended June 25, 2004, when the index was at 575.0.


Fixed 30-year mortgage rates averaged 5.67 percent last week, excluding fees, down 5 basis points from 5.72 percent the prior week.


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