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Weekly Mortgage Applications Drop 12% as Interest Rates Jump Up.

Mortgage applications to purchase a home fell 4% for the week but were 6% higher compared with the same week one year ago.

Refinance volume has been very strong for the last several months, but higher rates are starting to take their toll.

Mortgage application volume fell 11.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 54% higher than a year ago because INTEREST RATES WERE SIGNIFICANTLY HIGHER LAST YEAR.

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