Mortgage applications stay flat even as rates drop to lowest in three weeks

Homebuyers are trickling back into the mortgage market, but not enough to offset the industry’s steep and steady drop in refinance business. Total mortgage application volume was essentially flat last week, falling just 0.8 percent from the previous week. The seasonally adjusted tally from the Mortgage Bankers Association was 11 percent lower than the same week one year ago, on weakness in refinancing.

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Source: CNBC

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