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Mortgage Applications Fall 3.8% in Week

Mortgage application volume dropped 3.8% in the week ended Feb. 22, as refinances fell 3% and purchases slipped 5%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

The results did not include an adjustment for the Presidents' Day holiday.

Refinances accounted for 77% of volume, unchanged from the week before, with HARPs totaling 30%, while adjustable-rate mortgages held at 4% of the market.

The average rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) dipped to 3.77% from 3.78%, while the 15-year fixed-rate mortgages was unchanged at 3.03%.

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