The Market Composite Index, an overall measure of mortgage applications, decreased 24.5% on a seasonally adjusted basis to 600.6 from 795.4, as there was a significant drop-off in refinancing applications during the week ended Jan. 30, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, the Index decreased 23.5% compared with the previous week and 43.9% compared with the same week one year earlier.

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