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US mortgage applications plunged last week according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.
MBA’s market composite index – which measures weekly loan application volumes – decreased by 3.6 per cent to 681.7 on a seasonally adjusted basis for the week ending November 16.
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The mortgage applications survey also reported the refinance index slipped five per cent to 2199.9 from 2315.7 the previous week; the seasonally adjusted purchase index dipped two percent to 424.1 from 432.6 one week earlier.
