2013-08-28 — thestreet.com
Mortgage applications in total decreased 2.5% in the week ended Aug. 23 from one week earlier. On an unadjusted basis, applications declined 3%. The refinance index decreased 5%. The refinance share of mortgage applications dropped to 60%, the lowest share observed since April 2011.
Refinance activity has been steadily declining as rising rates make it less attractive for many borrowers. The average contract interest rate for the 30-year fixed-rate mortgage with conforming loan balances increased to 4.8% from 4.68%, the highest rate since April 2011.
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