Refinances dip to lowest level in nearly 10 years, rates slip slightly

The Market Composite Index decreased 2.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 2.0 percent, and refinances falling 4.0 percent to lowest level since August 2008. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.77 percent.

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