Mortgage applications dipped slightly for the week ending May 23 compared with the previous week, according to a report released Wednesday from the Mortgage Bankers Association.

The association's seasonally adjusted weekly mortgage application index fell by 1.2%, after climbing for three consecutive weeks. The decrease was driven by drops of 1% each in the component indexes measuring requests for home purchase loans and refinances. The unadjusted version of the purchase index was down 15% from a year earlier.

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