off 7.1% from the week before and 70% from the same week last year, the Mortgage Bankers Association reported.

The group's seasonally adjusted purchase index fell to 262.7, from 288.8 the week earlier, and the refinancing index fell to 412.2, from 414.6. Adjustable-rate mortgage activity increased to 26.6% of total applications, from 25.6% the week earlier.

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