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Drop in rates boosts weekly mortgage applications 3 percent

Drop in rates boosts weekly mortgage applications 3 percent

"Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June," said MBA chief economist Mike Fratantoni. "The slight drop in rates likely reflected concerns about weakness in certain data released earlier in the week, such as the drop in auto sales, but the market also reacted to stronger-than-expected job growth in Friday's employment report."

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