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Mortgage Applications Dipped 4.7% Last Week
WASHINGTON (8/15/13)--U.S. mortgage applications dipped 4.7%, seasonally adjusted, for the week ended Aug. 9 from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

The Market Composite Index is a measure of mortgage loan application volume. On an unadjusted basis, the index dropped 5%. The Refinance Index fell 4%. The seasonally adjusted Purchase Index decreased 5%, while the unadjusted Purchase Index fell 6% and was 4% higher than the same week one year ago.

The refinance share of mortgage activity remained unchanged at 63%. Adjustable-rate activity increased to 6% of total applications. The government share of purchase applications was 29%--well below the long-term series average of 38%. The Home Affordable Refinance Program share of refinance applications dipped to 35% from 36% the week prior.

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