Mortgage applications in the U.S. declined last week as higher interest rates hurt refinancing. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan dropped 1.5% to 425.9 in the week ended Aug. 8 from the prior week. The group's purchase index was unchanged and its refinancing gauge fell 4.2%. Tighter lending rules shutting out potential buyers, and others are holding out for steeper price declines.
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