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Weekly Mortgage Applications Fall to Lowest Since February 2020

With prices and interest rates on the rise lately, a key measure of mortgage applications has dropped to its lowest level since the early days of the pandemic. So reports Fox Business.

MBAAccording to the Mortgage Bankers Association’s weekly index, mortgage applications fell 4% in the week ending May 28 from the prior week, with declines in both refinances and purchases.

“Mortgage applications decreased for the second week in a row, with the overall index reaching its lowest level since February 2020,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.

Read the full article from Fox Business.

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