Real estate purchases drop

Overall mortgage purchases declined by 2.1 percent last week on a seasonally adjusted basis, while interest rates nudged upward, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index decreased by 1.1 percent to 443.8 from 448.9 the previous week. The seasonally adjusted refinance index decreased by 2.6 percent to 4,857.6 from 4,988.7 one week earlier.

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