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by CareyBot

Despite an easing in mortgage rates, the number of new home loan applications continued to decline last week, according to the Mortgage Bankers Association's latest survey. The market composite index -- a measure of total home loan volume -- was down 4 percent last week on a seasonally adjusted basis from the week before. The index that tracks refinancings fell 4.2 percent during the period, and the purchase loan index dropped 4 percent. Borrowing costs on long-term loans sank considerably, with the average contract interest rate on the 30-year fixed-rate mortgage declining to 6.41 percent from 6.49 percent and the 15-year fixed rate slipping to 6.1 percent from 6.2 percent. The average rate on the one-year adjustable-rate mortgage (ARM), however, soared to 6.51 percent from 5.84 ...