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US mortgage applications decline for 7th straight week

U.S. mortgage applications declined for the seventh straight week, with measures of refinancing and purchases showing declines from a week earlier, according to Mortgage Bankers Association's Weekly Mortgage Applications Survey.

The seasonally adjusted market composite index, which is a measure of mortgage loan application volume, fell 2.6% in the week that ended May 18 from the previous week, while the unadjusted index decreased 3%.

Refinancing applications hit their lowest level since December 2000, with the unadjusted index falling 4%. The refinance share of mortgage activity slipped to 35.7% of total applications, from 35.9% the previous week.

The seasonally adjusted purchase index declined by 2% from a week earlier. The unadjusted index fell 3% from a week earlier but came in 3% higher than the same week a year ago.