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Home Purchase Activity Ticks Up, Refinancing Activity Slips - SocketSite

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With the benchmark mortgage rate having dropped to an all-time low of 3.23 percent last week, mortgage application volume in the U.S. inched up 1.0 percent over the past week, with refinancing activity having actually slipped 2 percent and purchase activity having ticked up 6 points, according to the Mortgage Bankers Association.

On a year-over-year basis, however, refinancing activity is still up 210 percent while purchase activity is down 19 percent (versus 20 percent the week prior).

And in California, purchase loan activity is still down 30.9 percent on a year-over-year basis, but that’s versus a year-over-year deficit of 34.1 percent the week prior and versus a 37.5 percent drop in Washington State and a 50.5 percent drop in New York.

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Home Purchase Activity Ticks Up, Refinancing Activity Slips - SocketSite
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