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UPDATE 1-U.S. purchase mortgage activity falls to 2-month low -MBA

NEW YORK, July 26 (Reuters) - U.S. applications for mortgages to buy a home fell to their lowest level in nearly two months last week even as 30-year borrowing costs slipped, Mortgage Bankers Association said on Wednesday.
The Washington-based group's seasonally adjusted barometer on purchase mortgage activity, a proxy for future home sales, fell 2.2 percent to 240.1 in the week ended July 21. That was the weakest reading since 238.1 in the May 26 week.
Housing demand has remained sturdy despite a rise in mortgage rates this year. Home sales have been hampered by low inventories across the country.
Interest rates on conforming 30-year fixed-rate mortgages fell to 4.17 percent from 4.22 percent the prior
week.
Conforming loans are those with balances of $424,100 or less that qualify for guarantees from federal mortgage agencies Fannie Mae and Freddie Mac.
Average rates on other types of mortgages that the MBA tracks fell 3 to 12 basis points from the preceding week.
The MBA's seasonally adjusted gauge of applications of refinancing applications rose 3.4 percent to 1,414.3, the highest level in five weeks.
The group's barometer on total mortgage applications adjusted for seasonal factors edged up 0.4 percent to 418.5.

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