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by CareyBot

Despite an uptick in loan applications for home purchases, overall application volume fell during the week of Thanksgiving, the Mortgage Bankers Association reported today. The group's market composite index, a measure of total home loan application volume, dropped 4.3 percent on a seasonally and holiday adjusted basis from mid-month, taken lower by a double-digit decline in refinancing activity. MBA reported a 6.1 percent increase in the index that tracks applications for purchase loans, while the refinance index sank 15.3 percent. As a result, the refi share of applications last week dropped to 45.8 percent from 50.3 percent a week earlier, and the adjustable-rate mortgage (ARM) share dipped from 15.8 percent to 14.6 percent. Borrowing costs were mostly lower in the survey as t...