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.
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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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