Mortgage applications continued to increase, but at a slower pace even as mortgage rates set new record lows. 

For the week ending Aug. 27, the Mortgage Bankers Association's (MBA) Refinance Index rose 2.8% to ~5084, its highest level since early May 2009 as the average contract interest rate for 30-year fixed-rate mortgages fell 12 basis points to 4.43%. 

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