Mortgage application volume fell 4.3% in the week ended Aug. 24 as the refinance index dropped 6.0% while the purchase index rose about 1.0%, according to the Mortgage Bankers Association's weekly survey.

Refinances slipped to 79% of volume from 80%, while adjustable-rate mortgages grew to 4% of applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) slid to 3.80% from 3.86%.

The average contract interest rate for 15-year fixed-rate mortgages dipped to 3.12% from 3.15%.

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