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Mortgage Applications Fall Despite Surge in Home Buying

Saturday, Sep 05 2020
Lending
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With interest rates near record lows, homebuyers have been hustling to take advantage, but refinances have slowed considerably compared with earlier in the year. So reports CNBC.

According to the Mortgage Bankers Association, for the week ending August 28, total mortgage application volume was down 2% from the week before but up 35% from a year ago.

Similarly, home purchase mortgage applications were down 0.2% for the week but up 28% on the year, while refinance applications fell 3% on the week, despite remaining 40% higher than in 2019.

Read the full article from CNBC. 

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