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Drop in rates doesn’t budge loan demand

Mortgage rates eased last week following recent increases, but would-be homebuyers or refinancers didn’t bite. Total mortgage applications volume dropped 2.9 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association. This marked the sixth consecutive week of losses in applications. 

Mortgage application volume is now 10 percent lower than a year ago. 

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