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The Mortgage Bankers Association said its
seasonally adjusted index of mortgage application activity,
which includes both refinancing and home purchase demand, fell
3.5 percent in the week ended May 8.
The MBA's seasonally adjusted index of refinancing applications
fell 5.9 percent, while the gauge of loan requests for home
purchases, a leading indicator of home sales, dipped 0.2
percent.
The refinance share of total mortgage activity fell to 51
percent of applications, its lowest level since May 2014, from
52 percent the week before.
Fixed 30-year mortgage rates averaged 4.00 percent in the week,
the highest level since March. They were up 7 basis points from
3.93 percent the previous week.
The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.
(Reporting by Caroline Valetkevitch; Editing by Diane Craft)
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