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Rates inch up, mortgage applications recede

The recent drop in interest rates appears to be short-lived. Mortgage rates inched higher last week, prompting loan demand to soften.

Total mortgage application volume, which includes home purchases and refinancings, dropped 1.5 percent last week compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Applications are now 15.4 percent lower than a year ago. 

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