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Loan demand off during short week

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Mortgage applications were down 11 percent for the week ending April 10, although the long weekend created by the holidays Easter and Passover may have been a contributor, the Mortgage Bankers Association said. Applications for refinance loans were down 10.9 percent from the week before, while applications for purchase loans fell 11.3 percent. Applications for conventional purchase loans were down 13.5 percent, and applications for government-backed loans (largely FHA) fell 7.7 percent. The measurements of application volume in the MBA's weekly Mortgage Application Survey include a seasonal adjustment, but were not adjusted for the long holiday weekend, which may have contributed to the decrease in application volume. Demand for refinancings has soared in recent weeks, as borrowers seek to take advantage of low interest rates (see story). On an unadjusted basis, mortgage applications were up 45.6 percent last week from a year ago. Applications for refinance loans accounted for...