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Mortgage applications fell 5% last week

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Mortgage applications fell once again last week as refinancing demand continues to wane despite interest rates at generational lows. The Mortgage Bankers Association said its market composite index declined 5% for the week ended Oct. 29 hampered by a 6.4% drop in refinancings. Purchase applications rose 1.4% for the week. The MBA said the unadjusted purchase index increased 0.2% last week and is now 28% below the year ago. In four-week moving averages, the seasonally adjusted market index is up 0.1%, the purchase index is down 2.7% and the refinance index is up 0.8%. Refinancings accounted for 81.3% of all mortgage applications last week, down from 82.3% the week earlier. The MBA said the average interest rate for 30-year, fixed mortgages moved away from record lows last week after dropping the week earlier. The average rate for the 30-year increased to 4.28% from 4.25%. Meanwhile the average rate for a 15-year, fixed mortgage fell again to 3.64% from 3.67%. Write to Jason Philyaw.

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