Investor's Business Daily - After four weeks of increases, the Mortgage Bankers Association's seasonally adjusted applications activity index fell 2.7% to 672.1 in the week ended Mar. 16. Applications are 19% below year-ago levels. But the 4-week average climbed 2.5%. Despite still-low interest rates, demand for refinancing and purchases dropped. The purchase index, seen as a gauge of current sales activity, fell 0.9% to 410.6, but remained above a year ago. Refis declined 4.5%, but held above a year ago as well.
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