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Mortgage applications rise 2.7 percent as rates take a brief breather from surge

Mortgage applications rise 2.7 percent as rates take a brief breather from surge

"Rates moved higher last week as the minutes from the latest FOMC meeting indicated a positive view of the economy overall and firming inflation. Mortgage rates for three of the five loan types that we track in the survey increased over the week," said Joel Kan, an MBA economist. "The refinance share of all applications dropped to 41.8 percent, its lowest share since May 2017 as we move further into a purchase-dominated market."

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