Having dropped 5 percent last week, mortgage loan application volume across the U.S. has since ticked down another 3 percent in the absolute, or 3.7 percent on a seasonally adjusted basis, with another 5 percent drop in refinancing activity and a 1 percent drop in purchase activity, according to the Mortgage Bankers Association.

As such, refinancing activity is at its lowest level in over a year. And while purchase activity was 51 percent higher than at the same time last year last week, driven by a pandemic-related freeze last year, purchase activity was down versus 2019.

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