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Mortgage applications were down last week as interest rates rose, according to data released today.

The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, was down 4.1% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index was down 2%. The Refinance Index dropped 3% from the previous week, and the seasonally adjusted purchase index was down 6%, hitting its lowest level since September of 2011. The unadjusted Purchase Index dropped 2% from the week prior, and was 17% lower than the same week a year ago.

The refinance share of mortgage activity dropped to 61% of all applications, its lowest level since September 2013. The adjustable-rate mortgage share was up, rising to 8% of all applications, according to the MBA.

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