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Commentary Topic from greenfaucet

Mortgage Applications Fall

The refinance index was to blame for all the decline as it fell by -11.8%.  The Purchase index meanwhile rose by 1.1%.  The average rate on the 30 year mortgage rose to 5.57% from 5.25%.  A month ago the rate was 4.76% and a year ago the rate was 6.24%.  The higher yields have shut down refinancings.  Higher purchases despite the gain in rates is a positive.