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Mortgage Applications Decline for Sixth Consecutive Week

Although interest rates extended their decline for the second week, the level of mortgage activity failed to respond.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, fell during the week ended May 25 for the sixth consecutive time.  Applications for both refinance and purchase mortgages were down. MBA's Market Composite Index lost 2.9 percent on a seasonally adjusted basis from the week ended March 18.   On an unadjusted basis, the Index fell by 4.0 percent.

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