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News Link • Housing

Mortgage Purchase Applications Decline 4th Week, Refinancing Lowest Since 2000

• https://moneymaven.io, by Mike Mish Shedlock

Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the August 3 week, posting the fourth weekly decline in a row, while applications for refinancing fell 5 percent to their lowest level since December 2000. Unadjusted, purchase applications were 2 percent below the level a year ago.

The refinance share of mortgage activity decreased by 0.5 percentage points to 36.6 percent.

Mortgage rates were steady, with the average interest rate for 30-year fixed rate conforming mortgages ($453,100 or less) remaining unchanged from the prior week at 4.84 percent. Higher interest rates are taking their toll on mortgage activity and the 2 percent year-on-year decline in purchase applications does not bode well for a housing market already showing little life.

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