While the number of homes for sale across the U.S. has ticked up, and the average 30-year rate is back under 3 percent, mortgage loan application volumes ticked down 4 percent on a seasonally adjusted basis over the past week.

In fact, application volumes are now down 18 percent on a year-over-year basis, according to the Mortgage Bankers Association. And that’s for both refinancing and purchase loan activity, with purchase loan activity at its lowest point in over a year.

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