Mortgage applications fell 1.9% in the week that ended Aug. 20 and were off 22.5% from the same week last year, the Mortgage Bankers Association reported last week.

The seasonally adjusted purchase index dipped to 271.0, from 271.8 the week before, and the refinance index to 440.4 from 449.2.

Refinancing activity represented 21.2% of total applications, the same as in the earlier week. Adjustable-rate activity slipped from 25.8% to 23.0%.

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