Mortgage applications decreased 7.4% in the week ended Aug. 17, as refinancings slumped 9% as rates increased, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

The seasonally adjusted purchase index rose 0.9%.

Refinances slipped to 80.0% of total applications from 81.0% the previous week. Adjustable-rate mortgages grew to 4.0% of volume.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.86% from 3.76%.

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

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