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Refinances Drop But Remain Near Historic Highs

Refinance applications fell 10% in the most recent week tracked by the Mortgage Bankers Association, while mortgage applications decreased 8.4%. So reports USA Today.

The declines for the week ending March 13 came as volatility related to the coronavirus outbreak drove mortgage rates to their highest since mid-February, according to the MBA.

But aside from a jump two weeks earlier, overall mortgage activity remained its highest since October 2012, and almost 75% of all applications were refinances, the MBA said.

Read the full article from USA Today

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