The Market Composite Index, an overall measure of mortgage applications, decreased 12.6% on a seasonally adjusted basis to 649.7 from 743.5 for the week ended Feb. 27, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, the index decreased 2.0% compared with the previous week and 6.7% compared with the same week one year earlier.

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