Feb. 20 (Bloomberg) -- Mortgage applications in the U.S. dropped by the most in more than four years as the highest mortgage rates in two months weakened demand for home buying and refinancing.
The Mortgage Bankers Association's index of applications to buy a home or refinance a loan fell 23 percent to 822.8 from 1063.5 a week earlier. The group's refinancing gauge plunged 28 percent, the most in more than three years, and the purchase index declined 12 percent.
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