Mortgage Application Index Drops 7.2%
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Fewer Americans sought to refinance mortgages last week after an unexpectedly strong jobs report contributed to the biggest increase in home-loan rates since early December.
The Mortgage Bankers Assn.’s mortgage applications index declined 7.2% to 1,012.9 last week, the third straight drop, from 1,091.3 the week before. The Washington-based group’s gauge of applications to refinance existing mortgages fell 15%, the second straight decline.
The average 30-year fixed mortgage rate climbed to 5.75% from 5.49% a week earlier.
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