Mortgage applications dip 2.6 percent as rates rise to 4.84 percent

The Market Composite Index decreased 2.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 3.0 percent and refinances down 2.0 percent.  The average contract interest rate for 30-year fixed-rate mortgages increased to 4.84 percent from 4.77 percent.

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