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Mortgage refinances fall even further despite first rate drop of 2018

Mortgage refinances fall even further despite first rate drop of 2018

Refinances were behind the fall entirely. Volume fell 5 percent for the week and was nearly 19 percent lower than a year ago, when mortgage rates were lower. Interest rates began to rise at the start of 2018 and did not let up until last week, but today's borrowers are so used to record-low rates that any move higher takes away the benefit from a refinance.

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