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Mortgage Applications Fall as Rates Rise to 6-Month High

Mortgage application volume continued to decline last week, according to the ""Mortgage Bankers Association's"":http://www.mbaa.org/default.htm (MBA) Weekly Mortgage Applications Survey for the week ending February 15.

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The survey's Market Composite Index, a measure of application volume, fell 1.7 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index fell 1.0 percent.

The Refinance Index was down 2 percent last week, according to the MBA. At the same time, the refinance share of total mortgage activity fell to 77 percent, the lowest level seen since last May, from 78 percent previously.

Meanwhile, the seasonally adjusted Purchase Index also dropped 2 percent week-over-week, while the unadjusted index increased 3 percent (rising 17 percent above the same week last year).

According to the MBA's measure, the average contract interest rate for a 30-year fixed-rate mortgage was 3.78 percent last week, the highest rate since August 2012. The previous week's rate was 3.75 percent.

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