WASHINGTON, Aug. 31 (UPI) -- U.S. mortgage applications last week fell 4.5 percent, the Mortgage Bankers Association said Wednesday.
On the basis of the four-week moving average, mortgage applications were down, for the week ending Aug. 26, 1 percent.
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The declines came despite falling mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.73 percent from 5.78 percent.