Mortgage applications slipped 4.7% in the week ended March 8, as refinances dropped 5% and purchases slid 3%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

"The announcement of stronger than anticipated job growth last week led to an increase in interest rates, with the 30 year fixed mortgage rate in our survey reaching the highest level in more than six months," said Mike Fratantoni, MBA's Vice President of Research and Economics. "Refinance applications declined as a result, but remain high given the steady flow of HARP applications."

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