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  • Writer's pictureLoanOnTime

Weekly Mortgage Applications Drop 9% As Refinances Pull Back...

Refinance weakness caused the overall drop. Those applications fell 16% for the week but Were 61% higher than a year ago.

Mortgage applications to purchase a home increased 1% last week, the Mortgage Bankers Association says. The combination of a holiday week and a stagnant mortgage rate Environment kept borrowers away from their lenders last week. Mortgage application volume Decreased 9.2% from the previous week, according to the Mortgage Bankers Association’s Seasonally adjusted index. The week’s results also include an adjustment for the Thanksgiving holiday.

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