Overall mortgage loan application volumes to either purchase or refinance a home in the U.S. ticked down 1.1 percent on a seasonally adjusted basis over the past week, according to the Mortgage Bankers Association.

And with a two (2) percent drop in purchase mortgage application volume in the absolute, purchase mortgage activity remains down 12 percent on a year-over-year basis with application volumes for new home purchases having dropped 17 percent on a year-over-year basis last month despite a 26 percent increase in inventory and the most new homes on the market in over a decade.

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