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Mortgage application rates in the United States fell by 1.1 percent last week driven by higher interest rate, according to the Mortgage Bankers Association (MBA) Composite Index.
Data released on Sept. 9 show that the United States is short of 5.24 million homes.
Housing starts fell 7 percent to a seasonally adjusted annual rate of 1.534 million units last month, according to a Commerce Department report.
The HMI index component that gauges current sales conditions fell five points to 81 in August, while the part that measures traffic of prospective buyers also recorded a five-point drop to 60.