Having dropped over the previous four weeks, with refinancing activity having dropped to its lowest level in over a year, mortgage loan application volumes ticked up 9 percent over the past week in the U.S., according to the Mortgage Bankers Association.

At a more granular level, refinancing activity increased 10 percent over the past week, but was still down 23 percent on a year-over-year basis, while purchase loan activity was up 6 over the past week and 57 percent higher than at the same time last year when pandemic-driven shutdowns were widespread.

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