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Refinancing apps dip for third straight week

September 22, 2010 12:45PM

Mortgage application volume declined by 1.4 percent last week, with refinancing applications registering their third straightly weekly decline, according to the latest data from the Mortgage Bankers Association. While refinancings were down a slight 0.9 percent week-over-week, purchasing applications dropped 3.3 percent from one week earlier, driving the refinance share of mortgage activity up to 81.1 percent, from 80.5 percent one week earlier. Interest rates declined further, to 4.44 percent for the 30-year fixed-rate mortgage. A week earlier, the average rate for the 30-year mortgage was 4.47 percent. The 15-year fixed-rate mortgage, meanwhile, declined to 3.88 percent from 3.96 percent week-over-week, matching the record low set during the week that ended Aug. 27. TRD