"Mortgage application volume tumbled 14.1% during the week ending July 25, hitting its lowest level of the year, according to the Mortgage Bankers Association's weekly application survey.
Volume fell even though interest rates on fixed-rate mortgages retreated from sharp increases a week earlier.
Refinance volume plunged 22.9% during the week, while purchase application volume fell 7.8%. Refinance applications accounted for 35.2% of total application volume during the week."
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Mortgage applications hit 2008 low, MBA survey says
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