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A Minuscule Rise in Mortgage Rates Slams Applications by 9.2%

“It didn’t take much to keep potential borrowers away from their mortgage lenders last week—a minimal rise in rates sent volume tumbling 9.2 percent on week, seasonally adjusted, according to the Mortgage Bankers Association (MBA).

Applications to refinance a loan fell 13 percent on week, while applications to purchase a home fell 5 percent on week and are now 15 percent below the volume seen a year ago.

“Interest rates increased relative to the previous week, as incoming economic data continues to suggest a pickup in the pace of growth,” said Mike Fratantoni, MBA’s Chief Economist….”

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