Mortgage apps down, as interest rates inch up

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The number of mortgage applications decreased 12.3 percent on a seasonally adjusted basis, while increasing 13 percent on an unadjusted basis, during the week ending December 14, the Mortgage Bankers Association announced today. The Refinance Index fell 14 percent from last week, reaching the lowest level since the week ending November 2, 2012, and the seasonally adjusted Purchase Index decreased 5 percent from one week earlier. Unadjusted, however, the Purchase Index fell 4 percent from last week, but is 9 percent higher year-over-year. The share of refinancing activity dropped to 83 percent of total applications. The adjustable-rate mortgage share of activity held at 3 percent of total applications. [more]