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Mortgage applications fall 1.8%

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Mortgage applications continued to fall after a significant drop last week, declining 1.8% for the week ending Nov. 8, the Mortgage Bankers Association said. 

As a whole, the refinance share of mortgage activity remained frozen at 66%.

The refinance index declined 2% from the previous week, while the purchase index dropped a slight 1%.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.44% from 4.32% 

Additionally, the 30-year, FRM jumbo jumped to 4.48% from 4.37%.

The average 30-year, FRM backed by the FHA increased to 4.16% from 4.07%, as the 15-year, FRM escalated to 3.52% from 3.44%.

Furthermore, the 5/1 ARM grew to 3.11%, compared to 3.08% a week prior.

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