Mortgage applications dip 4.1 percent as rates right to highest level since January 2014

The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 6.0 percent and refinances falling 2.0 percent.  The average contract interest rate for 30-year fixed-rate mortgages increased to its highest rate since January 2014, 4.57 percent, from 4.50 percent.

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