With refinancing activity having dropped to a six-month low, and currently down 13 percent on a year-over-year basis, versus 100 percent higher just two months ago, mortgage loan application volumes only slipped 2 percent in the U.S. last week, buoyed by a 3 percent increase in purchase loan activity, according to the Mortgage Bankers Association.

And while purchase loan activity was up 26 percent on a year-over-year basis last week, keep in mind that the denominator took a big hit last March.

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