Mortgage rates fell for the second week in a row, tumbling nearly 10 basis points to 3.04%. It’s the first time rates have flirted with 3% since early March.
Naturally, the bumps depressed mortgage activity, both on the purchase side and on refinances. According to the Mortgage Bankers Association refinancing applications decreased in nine of the last 10 weeks and are now 31% lower than they were a year ago.
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