Refi apps drop, mortgage rates hit new lows

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Although mortgage interest rates hit new record lows last week, refinancing application volume declined for the fourth week in a row, according to data from the Mortgage Bankers Association for the week that ended Sept. 24. Overall, mortgage loan applications were down 0.8 percent week-over-week, with refinancing applications down 1.6 percent and purchasing applications up 2.4 percent. The 30-year fixed-rate mortgage reached a new low of 4.38 percent, down from 4.44 percent one week ago. The previous record low contract interest rate for that mortgage, set during the week that ended Aug. 27, 2010, was 4.43 percent. The 15-year mortgage, meanwhile, declined to 3.77 percent from a previous record low of 3.88 percent one week earlier, the MBA report says. TRD