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MBA: Mortgage applications slip 0.8%

Mortgage applications slipped 0.8% on a seasonally adjusted, on a week-over-week basis in the week ended March 24, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey.

On a seasonally unadjusted basis, the market composite index, which measures mortgage application volume, slipped 0.4% compared to the previous week.

The seasonally adjusted purchase index inched up 1% from the previous week. The unadjusted purchase index was up 2% compared to the previous week and was 4% higher than the year-ago level for the same week.

The refinance index was down 3% from the previous week.

The refinance share of mortgage activity decreased to 44.0% of total applications from 45.1% in the previous week, marking the lowest level since October 2008. Adjustable-rate mortgage activity decreased to 8.5% of total applications.