Mortgage Applications Stabilized Despite Last Week’s Higher Rates

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Mortgage applications have been making logical moves recently with higher rates causing a
sharp deceleration in refinance activity. Purchases are off their recent highs as well, but in
much better shape in the bigger picture.
In this week's report, released by the Mortgage Bankers Association (MBA) today, mortgage
rates moved up yet again, setting another new multi-year high. It's no surprise, then, to see
applications fall further, but it's definitely a surprise to see refinances move higher, even if
only microscopically.
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