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Mortgage Applications in U.S. Fell Last Week as Purchases Slid

Mortgage applications in the U.S. fell last week, reflecting declines in purchases and refinancing that signal a lasting housing recovery will take time to develop.

The Mortgage Bankers Association’s index of loan applications decreased 6.5 percent in the week ended Feb. 25. The group’s purchase index dropped 6.1 percent, and its refinancing gauge declined 6.5 percent.