NEW YORK - Mortgage applications plunged 6.7% in the week ended June 29, as the refinance index fell nearly 8% and the purchase index dropped 7%, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

Refinances accounted for 78% of applications, down from more than 79% percent the previous week, while adjustable-rate mortgages totaled about 4%.

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