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Mortgage applications down 1.2%, rates going up

Staff Writer |
For five straight weeks, mortgage interest rates have trended higher, and thrown a wet blanket on what had been a booming refinance market.

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Total mortgage application volume fell 1.2 percent on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June, 3.77 percent, from 3.75 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent loan-to-value ratio loans.

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