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US weekly mortgage applications edge up

U.S. mortgage applications edged up 0.7% on a seasonally adjusted basis in the week ending Feb. 2 from the previous week when they fell 2.6%, the Mortgage Bankers Association said.

The market composite index increased 4% from the prior week on an unadjusted basis.

The seasonally adjusted purchase index remained unchanged from the previous week. The unadjusted purchase index rose 7% from the previous week and was up 8% from a year earlier.

The refinance index inched up 1% from the prior week. The refinance share of mortgage activity fell to its lowest level since July 2017, decreasing to 46.4% of total applications from 47.8% in the previous week.