Mortgage loan application volumes to either purchase or refinance a home in the U.S. dropped 10 percent in the absolute over the past week but inched up 0.3 percent on a seasonally/holiday adjusted basis, according to the Mortgage Bankers Association.

And while purchase mortgage activity was down 12 percent on a year-over-year basis, that’s versus an 18 percent drop the week prior and the “smallest year-over-year decline in 14 weeks,” with inventory levels ticking up (or having jumped).

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