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US mortgage applications slip to lowest level since January 2016

U.S. mortgage applications fell for the fourth straight week and touched the lowest level since January 2016, the Mortgage Bankers Association said.

The market composite index was down 3% in the week that ended Aug. 3 from the previous week, both on seasonally adjusted and an unadjusted basis.

The refinance index slipped 5% to its lowest level since December 2000. The purchase index decreased 2% both on seasonally adjusted and unadjusted basis.

The refinance share of mortgage activity decreased to 36.6% of total applications from 37.1% the previous week.