Mortgage applications fell 4.5% in the week ended Aug. 10, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.

The refinance index fell 5% and the seasonally adjusted purchase index dropped 2%.

Refinance slid to 81% of volume while adjustable-rate mortgages accounted for almost 4% of applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 3.76%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.12% from 3.08%.

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