Mortgage applications rose slightly due to a dip in mortgage rates and increased purchase applications, despite a decline in refinancings. The overall Market Composite Index increased 0.04%, with the Purchase Index up 1% and the Refinance Index down 1%. The average 30-year fixed mortgage rate fell to 6.57%, and FHA-backed 30-year fixed rates dropped to 6.00%. ARM loans made up less than 8% of applications.
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