Rising interest rates contributed to a declining Mortgage Bankers Association (MBA) Market Composite Index for the week ended Aug. 7 when compared with the previous week, but continued increases in purchase activity suggest a housing recovery could help bolster volumes going forward.

The MCI is calculated from the MBA's Weekly Mortgage Applications Survey; it was down 3.5% on a seasonally adjusted basis from the week ended July 31 and on an unadjusted basis, the Index decreased 3.7% compared with the previous week and increased 16.1% compared with the same week one year earlier.

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