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Weekly mortgage applications drop 4.3%, despite lower interest rates

May 1, 2019

Via: CNBC

It may be the heart of the spring housing season, but the mortgage market isn’t seeing big business.

Mortgage application volume fell 4.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 4.5% higher annually, thanks to stronger refinance activity.

While applications to refinance a home loan were 5% percent lower for the week, they were still 11% higher than a year ago, because interest rates were 38 basis points higher then. Refinance volume overall, however, is still much lower than normal because so many homeowners refinanced to the historically low rates that followed the last housing crash.

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