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MORTGAGE LOAN APPS FALL 11 PERCENT
| The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, for the week ending Aug. 15 decreased by 10.7 percent to 736.7 on a seasonally adjusted basis from 824.6 one week earlier, according to the most recent report from the Mortgage Bankers Association of America (MBA). On an unadjusted basis, the Index decreased by 11.2 percent for the week ending Aug. 15 compared to the previous week and fell 33.9 percent compared to the same week one year earlier. The refinance share of mortgage activity decreased to 53.4 percent of total applications for the week ending Aug. 15 compared to 55.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 23.3 percent for the week ending Aug. 15 compared to 22.5 percent the previous week, according to the report |