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WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ended Aug. 31 show the composite index increased 11.9% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index was up 10.8%, and up 92.7% compared with the same week a year earlier.

Refinancing activity represented 56% of the total applications, increasing from 53.7% the previous week. Adjustable-rate-mortgage activity decreased for the first time in several weeks by 11% from 12.6% last week.

The average contract interest rate for 30-year, fixed rate mortgages was unchanged from last week at 6.83%. Points on that fixed-rate fell to 1.17 from 1.31, including the origination fee for 80% loan-to-value ratio loans.

The survey, which has been conducted since 1990, covers about 40% of all U.S. retail residential mortgage originations.

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