Mortgage Applications Drop for Second Week
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New applications for U.S. home loans fell last week for the second week in a row even though 30-year mortgage interest rates decreased slightly, an industry group said.
The Mortgage Bankers Assn. said its seasonally adjusted market index, a measure of mortgage activity, eased for the week ended Friday, falling 0.6% to 642.7 from the previous week’s 646.3.
The Washington trade group’s purchase index, a gauge of new loan requests for home purchases, also eased last week, falling 0.1% to 443.1 from 443.7 a week earlier.
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