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Mortgage Applications Fell Last Week as Rates Climbed

APR 23, 2014 10:34am ET
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Mortgage applications fell for the fourth time in five weeks as fewer Americans made home purchases or refinanced their properties as borrowing costs rose.

TheMortgageBankers Association's index decreased 3.3% in the period ended April 18 from the prior week, the Washington-based trade group reported today. The 2.6% decline in purchases marked the measure's first drop in six weeks and ended the longest string of gains since November 2012.

The refinance gauge fell 3.7%.

The average rate on a 30-year fixed loan rose to 4.49% from 4.47% the prior week. The average rate on a 15-yearmortgagerose to 3.55% from 3.54%.

The share of applicants seeking to refinance declined to 51.3% from 51.8% the prior week, todays report showed.

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