Mortgage applications unexpectedly decreased by 9.6% with refinancing activity dipping 12.2% and purchase activity increasing 0.9%, the Mortgage Bankers Association (MBA) reported today.

According to Scott Buchta, a managing director at Sandler O'Neill & Partners, although capacity constraints have had an effect on application volumes and mortgage rates, the recent decrease in MBA's index might have been impacted by publicity around the possible changes to the government refinancing programs.

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