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Mortgage Applications Little-Changed Despite Big Rate Spike

Mortgage Applications Little-Changed Despite Big Rate Spike

The Mortgage Bankers Association (MBA) released its latest mortgage application numbers this morning and the modest movement belies the drama unfolding in the world of mortgage rates .  As usual, the MBA does a good job of capturing average rate movement week to week and they correctly identified last week's big spike to the highest levels since the first half of 2019.   Despite the surge, mortgage applications didn't respond in a major way.  Refi applications only fell 3% from the previous week.  Purchase applications actually managed a small uptick of 1% after last week's more substantial 9% improvement.  But context matters.   As seen in the following chart, refi applications have declined massively from Summertime highs and even more massively from the high levels at the beginn
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